India may soon allow foreign carriers to take an equity stake in domestic airlines to help the sagging aviation industry in the country. The Department of Industrial Policy & Promotion (DIPP), the nodal agency on Foreign Direct Investment policy, has presented a proposal to the government to let foreign airlines invest in the country.

India’s GVK Airport Holdings Pvt. Ltd., a unit of GVK Power & Infrastructure Ltd., has acquired 108 million shares in Mumbai International Airport Pvt. Ltd. from Bid Services Division (Mauritius) Ltd. The shares, amounting to a 13.50% stake in the airport, were acquired for $231 million, the company said on Oct. 18. With the purchase, GVK now holds 50.50% in Mumbai International Airport.

India's launch of a new satellite, Megha-Tropiques, to study climatic and atmospheric changes in tropical regions has boosted the country into an elite club of global space-partnering, but the Asian giant has far to go to prove its space capabilities more generally.