NEW DELHI: Devas Multimedia, a Bengaluru-based company seeking over $1.2 billion it won in international arbitration from the government, has joined Cairn Energy in seeking to seize Air India’s assets abroad.
Calling the flagship airline an “alter ego” of the Indian state and therefore liable for the sovereign’s debts, Devas filed a petition in New York asking Air India to pay the amount or forfeit its US property including planes, cargo-handling equipment and artwork.
The move may threaten the government’s much-delayed plans to sell the indebted loss-making carrier and risks denting India’s image as an investment destination.
