Union Minister Hardeep Singh Puri has told in Lok Sabha that the government will sell its 100 percent stake in Air India. Air India has a debt of over Rs 50,000 crore.
New Delhi: The government has announced to sell its 100 per cent stake in Air India. Union Minister Hardeep Singh Puri has given this information in the Lok Sabha. On Thursday, the Union Minister told the Lok Sabha that the government has decided to sell its 100 per cent stake in Air India as part of the proposed disinvestment process.
Air India owes more than Rs 50 thousand crore and the airline has been incurring losses for a long time. In an attempt to revive it, the government has decided to disinvest. After the formation of the new government, the Air India Specific Alternative Mechanism (AISAM) has been restructured and the strategic disinvestment of Air India has been resumed.
In a written reply to the Lok Sabha, Minister of State for Civil Aviation Hardeep Singh Puri said, “AISAM has approved the sale of 100% stake of Government of India in Air India.” The provisional estimated total loss to Air India in the financial year 2018-19 is Rs 8,556.35 crore. The minister said that all efforts are being made to improve the aviation sector.
He informed that several other steps have been taken, including swift transit of Jet Airways aircraft with other airlines. Please tell that in April this year, full service carrier Jet Airways closed. Puri informed, ‘The Airport Authority of India has initiated a capital investment of over Rs 25,000 crore for the development / upgrade / modernization of various airports and air navigation infrastructure over the next five years.’