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Group of Ministers approved proposal to divest stake in Air India

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Air India Saga: new EoI for divestment likely by NovemberNew Delhi, Jan 7 (ANI): The Group of Ministers (GoM) of the central government on Tuesday approved the proposal to divest stake in national carrier Air India.

The Expression of Interest (EoI) and the share purchase agreement would be issued in January 2020.

The GoM on Civil Aviation led by Union Home Minister Amit Shah met today and approved all proposals on debt transfer from Air India to a special purpose vehicle (SPV).

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“In the meeting, the committee has cleared the proposal related to debt transfer from Air India to SPV. Expression of Interest would come out in January 2020,” a government official told ANI.

Civil Aviation Minister Hardeep Singh Puri, Finance Minister Nirmala Sitharaman, Commerce Minister and Piyush Goyal attended the GoM meeting.

An official statement in this regard is yet to be issued.

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“The government has decided to sell Air India 100 per cent.” Hardeep Singh Puri had said in Parliament earlier.

The national carrier, Air India has announced that Rs 29,400 crore was already transferred into an SPV and the proposal is to transfer another set of debt and liabilities and selling the airline with about Rs 20,000 crore debt primarily on account of aircraft loans.

 

(Source: ANI)

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