Indian Airlines board clears IPO

Indian Airlines Profile

The board has approved the proposal for an initial public offering. We will go ahead as soon as the government gives formal clearance, an airline spokesman said. He said the size of the offering will be decided after the government clearance.

Officials said they do not anticipate any hitches since Aviation Minister Praful Patel had asked the two state-owned airlines, domestic service Indian Airlines and international flag carrier Air India, to prepare the ground for initial share sales this year.

Indian Airlines wants to buy 43 Airbus while Air India has been working on a separate plan to buy 28 aircraft. Indian Airlines recorded a profit of 175 mln rupees (4 mln usd) in the last financial year, after three years of straight losses.

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