India keen on buying commercial aircraft division of Embraer
The Indian government is keen to buy Embraer’s commercial aircraft division, said a top ranking government official, reports Subhomoy Bhattacharjee in Business Standard. “We are very interested. We are exploring alternatives,” the official said, confirming a development reported earlier by Reuters on Brazil’s plans to reach out to India and China as possible new partners. One of the arrangements the government is considering is a tie-up with a sovereign fund to finance the deal. This is the first time the Indian government has expressed clear willingness to enter the deal. The official said India’s interest has been conveyed to the Brazilian government. While Embraer is a listed company with diversified shareholding, the Brazilian government holds veto rights over the company through a golden share. The company, which ranks after Airbus and Boeing in the commercial aircraft market globally, has lost value rapidly, especially in the wake of the Covid-19 pandemic, and has reported a...