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Cabinet gives in-principle approval for disinvestment of Air India

The Union Cabinet On Wednesday Cleared Disinvestment Of Debt-laden Air India But The Final Modalities, Including The Quantum Of Stake Sale, Will Be Decided By A Group Of Ministers.

PTI | Updated on: 28 Jun 2017, 08:35:25 PM
Cabinet gives in principle approval for disinvestment of Air India

New Delhi:

The Union Cabinet on Wednesday cleared disinvestment of debt-laden Air India but the final modalities, including the quantum of stake sale, will be decided by a group of ministers.

Finance Minister Arun Jaitley said the Cabinet has given “in-principle” approval for disinvestment of Air India.

A group will be set up to finalise modalities/details of disinvestment of Air India, including the quantum of stake sale, he said.

The civil aviation ministry is charting out the disinvestment of the state-run carrier.

Surviving on taxpayers’ money, Air India has been in the red for long and various proposals, including government think tank Niti Aayog’s suggestion for complete privatisation, have been made.

The airline has a debt of more than Rs 52,000 crore and is surviving on a Rs 30,000-crore bailout package extended by the previous UPA government in 2012.

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First Published : 28 Jun 2017, 08:11:00 PM