Government may soon sell its majority stake in country's national carrier Air India to a strategic partner in a bid to turn around the loss making airline, a Bloomberg report said.
The proposal includes reviving Air India within five years of selling a 51 per cent stake. Talks are at an initial stage and presentations have been made to the finance ministry and the prime minister's office, the report said quoting people who did not want to be identified.
Under a financial restructuring plan in 2012, Air India was slated to receive Rs 30,231 crore equity infusion over 10 years. It has received some Rs 23,993 crore so far. Even after pumping in huge money, the airline has not shown significant financial and operational improvement. For instance, the airline reported losses of Rs 3,587 crore in 2015/16, down from Rs 5,859 crore in 2014/15.
28/02/17 Business Today
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The proposal includes reviving Air India within five years of selling a 51 per cent stake. Talks are at an initial stage and presentations have been made to the finance ministry and the prime minister's office, the report said quoting people who did not want to be identified.
Under a financial restructuring plan in 2012, Air India was slated to receive Rs 30,231 crore equity infusion over 10 years. It has received some Rs 23,993 crore so far. Even after pumping in huge money, the airline has not shown significant financial and operational improvement. For instance, the airline reported losses of Rs 3,587 crore in 2015/16, down from Rs 5,859 crore in 2014/15.
28/02/17 Business Today
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