The Indian government is keen on buying the commercial aircraft business of Embraer, according to reports in the local media.
The interest on part of the Indian government comes in the wake of reports earlier this year that the plane maker, which has lost value substantially after being badly hit by the COVID-19, had reached out to India and China as possible new partners. Russian aircraft manufacturer Irkut too was reportedly keen on taking over the business.
The Indian government is said to be exploring options, including a tie-up with a sovereign fund to finance the deal. Brazil has been informed of India’s interest in the deal, according to reports.
It was in April that Boeing said that it was dropping plans to buy 80% of Embraer’s commercial unit. The decision jjolted the Brazilian plane maker, which retaliated by filing arbitration proceedings against Boeing. The joint venture, it may be recalled, was announced in response to Airbus acquiring majority stake in the C series partnership with Bombardier in 2018.
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