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Indian airlines to be privatised

NEW DELHI: Indian government has decided to privatise Indian Airlines by offloading 51 percent of government equity. While 26 percent shares will be divested to a joint venture or a strategic partner, 25 percent will be offered to employees, financial institutions and the public, an official spokesperson said after a cabinet meeting on Tuesday.

The joint venture or strategic partner bidder will not be allow to have more than 40 percent foreign equity in his company. APP

Rehabilitation scheme

SEOUL: South Korean creditor banks said on Wednesday that they would inject fresh funds into Daewoo Motor Co. to rehabilitate the ailing firm before selling it off through an international auction. The injection of extra funds is part of the government's debt restructuring scheme for the insolvent Daewoo Group, an official at prime creditor Korea Development Bank said. "The debt workout is necessary in order to get a more favourable offer from a potential buyer," he said.ÑAFP