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India approved plans Wednesday to privatise debt-laden Air India, the first step of a process that could see the govt offload an airline struggling to turn a profit in the face of growing competition from low-cost rivals. Finance minister Arun Jaitley said after a cabinet meeting that the govt had given an "in-principle" approval for the sale of a stake in Air India. The approval, the first of a series of steps needed before Air India can be sold, signals prime minister Narendra Modi's determination to fend off union opposition and sell an asset some economists have long argued should be in private hands. India will now form a committee to decide on the details, Jaitley said, including the size of the stake to be sold and whether the govt should write off part, or all, of Air India's US$8b in debt. <br/>

South African Airways has identified Vodacom Group executive Vuyani Jarana as the leading candidate to become the struggling carrier’s first permanent CE since Nov 2015, according to 3 people familiar with the matter. The debt-laden airline hasn’t made a profit since 2011 and is in talks with banks about repaying or refinancing US$685m of loans due at the end of the week. The carrier needs an experienced executive from the private sector to turn it around, said one of the people. Jarana, 46, has been head of Vodacom’s enterprise division since 2012 and was previously COO of the Johannesburg-based wireless carrier. He is the preferred choice of a number of board members appointed to SAA by the National Treasury last year, one of the people said. <br/>