• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Cabinet gives in-principle approval for disinvestment of Air India

By Chennabasaveshwar
|

Union Cabinet on Wednesday gave in-principle approval for disinvestment of Air India.

Union Finance Minister Arun Jaitley told media that a group will be set up to finalize modalities/details of disinvestment of Air India.

Cabinet gives in-principle approval for disinvestment of Air India

The Economic Survey 2017 had also recommended this year that government should privatise Air India.

Last month, in a conversation with Doordarshan Union Finance Minister Arun Jaitley had said he had first proposed disinvestment in Air India when he was disinvestment minister in 1999 in the government of Prime Minister Atal Bihari Vajpayee.

He also said that India has a historic second chance, after nearly one-and-a-half decades, to disinvest in state-owned Air India Ltd and help propel the growth of aviation sector.

He hinted that Air India could be the next to one of the entities to see disinvestment.

The Finance Ministry was working on a number of suggestions given by Niti Aayog on revival of Air India which include stake sale to a strategic investor.

Air India's consolidated debt has risen to around Rs 50,000 crore, even as the merger between the Air India and Indian Airlines approved in 2007 did not lead to the desired benefits.

Air India has the largest domestic and long-haul fleet of 140 planes in the country and flies to nearly 41 international and 72 domestic destinations.

(With agency inputs)

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more