Union Cabinet gives in principle clearance for disinvestment of Air India

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The government gave the in-principle approval of the proposal for disinvestment in Air India on Wednesday and it was decided that for the determination of the government’s share sale and sales practices in this old airline company of the country A group of ministers will be constituted.

After the Cabinet meeting chaired by Prime Minister Narendra Modi, Finance Minister Arun Jaitley said that the Cabinet has given the in-principle approval of the disinvestment of Air India.

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Significantly, the Policy Commission has suggested the complete privatization of Air India, which is immersed in debt.

Finance Minister Jaitley said that a Group of Ministers will be constituted to decide on the methods of Air India disinvestment.

Ministry of Civil Aviation is preparing the investment for the public sector aviation company.

There is a debt of over Rs 52,000 crore on the airline and the previous UPA government provided the assistance of Rs 30,000 crore in 2012.

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