Indigo shows interest in buying Air India which is in $8 billion in Debt

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Private airline Indigo has expressed interest in buying stake in the national debt-laden carrier, Air India, said government sources today.

The cabinet last night took the first step in offloading the airline with an "in-principle" approval for the sale of a stake in Air India, which is bogged down by $8 billion or 52,000 crores in debt.

The government has said that it will privatise Air India, often referred to as "the Maharaja" after its turbaned mascot.

Once India's biggest airline, Air India's market share in the booming domestic market has slumped to 13 percent as private carriers such as Indigo, owned by InterGlobe Aviation, SpiceJet and Jet Airways expanded.

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