Govt.pushes for Air India divestment |
The state run Air India is back on the sale table as the Indian government has stepped on the gas for its divestment. The airline will set up a nodal cell by July 1 at its headquarters “to facilitate interaction between various advisers appointed by department of investment and public asset management to assist the carrier in the process of disinvestment. During the first term of Modi led NDA government, the Prime Minister`s Office had called a meeting on Air India and its subsidiaries` strategic disinvestment on April 1, 2019. After this meeting, Air India was asked to finalise FY 2018-19 accounts for the airline and its subsidiaries by June-end. These accounts will “form the basis of bidding” for divestment. Air India, which has debt-cum-liabilities of over 7.9 billion dollars, needs to pay back 1.7 billion dollars this fiscal to stay afloat. Aviation secretary P S Kharola wrote to Air India chairman Ashwani Lohani on the 6th of May, saying that in this meeting, held under chairmanship of principal secretary to the PM, it was decided to speed up the process of disinvestment of AIATSL, AIESL and AASL.
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