Thursday, March 24, 2016

Air India stake sale not in Govt radar as of now: Sharma

New Delhi: The government has ruled out stake sale in Air India even as it continues to infuse cash into the ailing national carrier.

While speculation was rife over strategic disinvestment of 49 per cent in Air India, Minister of State for Civil Aviation Mahesh Sharma told Bloomberg TV India late on Wednesday the was no proposal as of now to offload stake in the state-owned airline.

Although the draft Civil Aviation Policy has outlined the need to revamp Air India, sources said the decision to divest stake in AI will be taken by the Prime Minister Narendra Modi.

Sharma trashed news reports that a committee has been to look into disinvestment of Air India.

The government has infused more than Rs 23,000 crore in equity in the last eight years—Rs 3,300 crore in FY16, Rs 5,780 crore in FY15, Rs 6,000 crore each in FY13 and FY14, Rs 1,200 crore each in FY11 and FY12 and Rs 800 crore in FY10.

The carrier, which is reeling under a debt burden of over Rs 40,000 crore, was also given sovereign guarantee to raise $300 million through external commercial borrowing.
24/03/16 Veena Mani/Business Broadcast News 
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