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January 17th, 2012
Civil Aviation Minister Ajit Singh announced…

Civil Aviation Minister Ajit Singh announced that that his ministry would prepare a Cabinet note for allowing foreign airlines to take 49% stakes in Indian carriers.

He also said the government would release Rs 150 crore to pay a part of the wages of Air India employees, including pilots.

Aviation sector stocks, including Jet Airways and Kingfisher Airlines, today soared higher amid expectations that the government might soon proceed with the proposals for allowing foreign airlines to invest in domestic players.