In Hindu mythology, Garuda is the large bird that carries the god Vishnu on his passage through the heavens. But Garuda Indonesia, the Jakarta-based state-owned airline, looks much more like the phoenix, the fire bird of classical Greek mythology that rises afresh from its own ashes.
Banned for years from European airspace because of its poor safety record, Garuda has announced an initial public offering to raise about $500m for 35.6 per cent of the equity, giving the company a market value of about $1.4bn.
