Bibhudatta Pradhan And Anurag Kotoky Bloomberg

Global companies from Lockheed Martin to Sweden's Saab AB are offering military hardware from submarines to helicopters to Prime Minister Narendra Modi's government as part of his $250 billion defense modernization program. But bureaucratic delays and a funding crunch has made future deals next to impossible.

Air India, which is surviving on a Rs 30,000 crore taxpayer-funded bailout, has failed to maintain its market dominance as a slew of carriers including InterGlobe Aviation and SpiceJet started to offer ultra-cheap, on-time flights more than a decade ago.

The CBI will probe a decade-old deal by the national carriers to acquire 111 aircraft, which saddled the flag carrier Air India Ltd. with losses, the Central Bureau of Investigation said.

Global companies from Lockheed Martin to Sweden's Saab AB are offering military hardware from submarines to helicopters to Prime Minister Narendra Modi's government as part of his $250 billion defense modernization program. But bureaucratic delays and a funding crunch has made future deals next to impossible.

Air India, which is surviving on a Rs 30,000 crore taxpayer-funded bailout, has failed to maintain its market dominance as a slew of carriers including InterGlobe Aviation and SpiceJet started to offer ultra-cheap, on-time flights more than a decade ago.

The CBI will probe a decade-old deal by the national carriers to acquire 111 aircraft, which saddled the flag carrier Air India Ltd. with losses, the Central Bureau of Investigation said.