Govt Bites the Bullet on Air India✈

  |   India News

The Union cabinet today cleared the decks for the government’s stake sale in loss-making national carrier Air India after choosing between the option of an outright sale and partial divestment.

“The Cabinet today gave an in-principle approval to the divestment of Air India,” finance minister Arun Jaitley announced after the Cabinet meeting today.

The cabinetchoose between two options suggested in a 30-page note prepared by the Department of Investment and Public Asset Management (DIPAM) after discussions in a Committee of Secretaries, headed by the cabinet secretary. The discussions were on both the NitiAayog’s recommendation of complete privatisation and the civil aviation ministry’s proposal of a substantial reduction in the airline’s debt by sale of subsidiaries and assets before privatisation.

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