[NEW DELHI] India's government is to examine the possibility of selling up to 49 per cent of loss-making national carrier Air India, news agency NewsRise Financial reported on Wednesday, citing an unnamed official.

The government plans to form a four-to-five member panel, made up of officials from the finance ministry, the civil aviation ministry, the cabinet secretariat and the company, to consider selling a stake in Air India to meet its revenue target from state asset sales next fiscal year, according to NewsRise.

Indebted Air India, which last made an annual profit in 2007, has seen its market share shrink in recent years amid rising competition from private carriers. It is now India's third-largest airline by market share.

REUTERS