New Delhi: Union Minister Hardeep Singh Puri on Thursday said that the government has decided to sell its entire 100 per cent stake in Air India under the proposed disinvestment process. The national carrier, which has been making a loss for long, has a debt burden of over Rs 50,000 crore.
In a written reply to the Lok Sabha, the Minister of State for Civil Aviation said, "After the formation of the new government, Air India Specific Alternative Mechanism (AISAM) has been reconstituted and the re-initiation of the strategic disinvestment of Air India has been approved.
Puri said, "AISAM has approved the 100 per cent sale of the government of India stake in Air India for the re-initiated strategic disinvestment of Air India."
"Airports Authority of India (AAI) has embarked upon a capital investment of over Rs 25,000 crore in next five years for development / upgradation/ modernisation of various airports and air navigation infrastructure," Puri said, adding that the government has taken various measures, including enabling swift transition of Jet Airways aircraft to other airlines, to improve the aviation sector.
Notably, the Air India's net loss in 2018-19 is provisionally estimated to be Rs 8,556.35 crore.