Government to sell 100 percent stake in Air India

March 27: The government has announced sale of 100 percent stake in debt-laden Air India. Union minister Hardeep Singh Puri said on Saturday announced that Air India will be completely disinvested and added that the choice is only between disinvestment or closing down the airline company.

“We have decided that Air India will be 100% disinvested. Choice is not between disinvestment and non-disinvestment, it is between disinvestment and closing down. Air India is a first-rate asset but has an accumulated debt of Rs 60,000 Cr. We need to draw the slate clean,” said Puri. He revealed that the government will close the financial bids within 64 days. Civil Aviation Minister Hardeep Singh Puri also stated that this time the government is determined in the Air India disinvestment and there is no hesitance either.

The government has started the process to sell its entire 100 per cent stake in Air India that has been in losses since it merged with Indian Airlines in 2007. “…There is no choice, we either privatise or we close the airline,” said Puri.