(Image source from: Hindustantimes.com)
Entire Stake of Air India for Sale:- The Indian Government announced a plan to sell the stake of Air India and this is the second time after the government failed in 2018 to attract any bidder. The government released a document to invite bidders and March 17th has been set as the deadline to submit the bids. The Air India Specific Alternative Mechanism (AISAM), headed by Union home minister Amit Shah approved PIM to invite EOI for the move. Hardeep Singh Puri, the Civil Aviation Minister said that Air India was a great asset but the move was initiated because of the heavy debts. To continue Air India to fly, it should be privatized said Hardeep Singh.
The accumulated debt of Air India is said to be Rs 60,000 crores and is in a huge debt trap. A private investor can bring it out from the debts and make it a profitable venture. With the government having limited financial resources, the stake of Air India is for sale said Hardeep Singh. The qualified bidders will be announced on March 31st. The Congress slammed the Centre over the move. Congress spokesperson Supriya Shrinate said that the government is misleading the issue and they have to go for the real strategic sale. As per the latest move, the government said that the entire stake of Air India along with 50% of the ground handling unit is for sale.
(Video Source: NTV Live)