The Hindu : Business : Civil aviation can attract $150 b investment

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Saturday, Sep 08, 2007
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Civil aviation can attract $150 b investment

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Praful Patel for relaxation of the norms for overseas flights

— PHOTO: ARUNANGSU ROY CHOWDHURY

VIBRANT SEGMENT: Union Minister for Civil Aviation, Praful Patel (left), with B. Muthuraman, Managing Director, Tata Steel and Convention Co-Chairman, at the AIMA-AAMO national management convention in Kolkata on Friday.

KOLKATA: The Indian civil aviation sector was set to attract around $150 billion investment within the next five years in hardware, infrastructure and allied peripheral segments, Union Civil Aviation Minister, Praful Patel, said here on Friday.

The minister, who was here in connection with the National Management Convention organised by the All India Management Association, said that his ministry favoured a relaxation in the norms of allowing airlines to have overseas flights.

Addressing an informal press meet, he said plans were afoot to offer employees stock option (ESOPs) to the 33,000 employees of the merged entity of Air India and Indian Airlines.

Mr. Patel also said that the Inter Ministerial Group was now finalising certain stipulations for facilitating the setting up of merchant airports all over the country. He felt that there should be at least 500 such airports.

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