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India says business environment not good for Air India sale in immediate future

India says business environment not good for Air India sale in immediate future
FILE PHOTO: An Air India Boeing 777 plane is seen at O'Hare International Airport in Chicago, U.S. November 30, 2018. REUTERS/Kamil Krzaczynski -
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Kamil Krzaczynski(Reuters)
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NEWDELHI (Reuters) – 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 stabilize, he said.

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

(Reporting by Aditi Shah; Editing by Sanjeev Miglani)

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