Choice between Disinvestment and Closing down: Union Minister Announces 100% Privatization of Air India

Apr, 2021 - By WMR

On Friday, Union Minister Hardeep Singh Puri said that the government is considering a new timetable for Air India's disinvestment and that financial bids will be solicited in the coming days.

Hardeep Singh Puri, India's union minister, announced on Saturday that Air India would be completely disinvested, adding that there is just a choice among disinvestment and closing down the carrier. "We have consented to completely de-put resources into Air India. It is anything but a decision among disinvestment and non-disinvestment; it's a decision among disinvestment and conclusion. Air India is an important ware, yet it has an obligation of Rs 60,000 crore. Hardeep Singh Puri said, "We need to start all over again." The public authority is thinking about another plan for Air India's disinvestment, as per the union minister, and monetary offers will be requested in the coming days.

“At the latest meeting, held on Monday, it was consented to inform the shortlisted bidders (for the Air India disinvestment) that offers should be submitted inside 64 days... This time, the public authority is unyielding, and there are no second thoughts," he said. He likewise anticipated that the disinvestment interaction will be finished by May or June.

The government has started the way toward selling its whole 100% stake in Air India, which has been losing cash since its 2007 consolidation with Indian Airlines. "We must choose the option to privatize or close the aircraft. In spite of the way that Air India is beneficial now, we lose Rs 20 crore consistently. Puri had said, "Since the fumble has brought about a total obligation of Rs 60,000 crore." "I don't have the ability to continue going to Nirmala ji and imploring her to give me some cash," he said, inferring that he was looking for assets from the money clergyman to run Air India. He additionally called attention to that past endeavors to privatize Air India fizzled on the grounds that they were contemptible.