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India says present business environment not good for Air India sale

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The present economic environment is not conducive for the sale of state-run carrier Air India in the "immediate near future", junior civil aviation minister, Hardeep Singh Puri, said in parliament on Thursday.

[NEW DELHI] The present economic environment is not conducive for the sale of state-run carrier Air India in the "immediate near future", junior civil aviation minister, Hardeep Singh Puri, said in parliament on Thursday.

"In view of volatile crude prices and adverse fluctuations in exchange rates, the present environment is not conducive to stimulate interest amongst investors," Puri said.

The government will revisit the sale once global economic indicators including oil prices and foreign exchange conditions stabilise, he said.

India last year failed in its attempt to sell a 76 per cent stake in the debt-laden carrier due to lack of interest from bidders and said it would return with an alternative proposal soon.

REUTERS

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