Sunday, May 28, 2017

Government Looking For Strategic Investors For Air India: Arun Jaitley

The Civil Aviation Ministry is considering all options for debt-laden Air India including strategic investors who will ensure that the airline is kept running and there are no job losses, Finance Minister Arun Jaitley said.
At a time when more than 86 percent of the domestic civil aviation traffic is being handled by private players, there is no reason why the government should be running an airline, he said during a discussion with a panel of senior journalists on DD News to mark Prime Minister Narendra Modi-led government’s three years in office. The government can use that money for welfare services instead, he said.
Data released by the Directorate General of Civil Aviation shows that Air India has been steadily losing market share to private players like IndiGo, SpiceJet Ltd. and Jet Airways Ltd. The national air carrier has a debt of more than Rs 50,000 crore and has been grappling with losses for some time now. The final decision on investors will be taken by the Civil Aviation Ministry, Jaitley said.
28/05/17 Krupali Thakkar/Bloomberg Quint