Thursday, October 03, 2019

Govt source says fin min favours divesting 100% stake in Air India

New Delhi: The finance ministry is likely to put forth a proposal to divest the government's 100% stake in Air India when the Air India Specific Alternative Mechanism meets later this month, a senior ministry official said.
The newly set up ministerial panel headed by Home Minister Amit Shah held its first meeting last month.
"In the next meeting, which is slated to take place later this month, the ministry will recommend divesting the entire 100% stake in the company as keeping any stake may deter prospective buyers," the official told Cogencis.
In June 2017, the Cabinet Committee on Economic Affairs had given an in-principle approval for the strategic disinvestment of Air India and its subsidiaries.
Air India Specific Alternative Mechanism, which was created to formulate the process of disinvestment in the carrier, was reconstituted recently as two members-–former finance minister Arun Jaitley and former railways minister Suresh Prabhu–-are no longer part of the government.
The panel includes Finance Minister Nirmala Sitharaman, Civil Aviation Minister Hardeep Singh Puri, and Commerce and Industry Minister Piyush Goyal.
"We are hopeful of concluding the stake sale within this fiscal so as soon as we get the panel’s approval, we will invite expression of interest," the official said.
03/10/19 Sagar Sen/Cogencis
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