Air India disinvestment: Group of Ministers holds first meeting
The Cabinet Committee on Economic Affairs late last month gave its in-principle approval for disinvestment of Air India.
A Group of Ministers (GoM) appointed by the Union Cabinet to look into disinvestment of Air India held its first meeting here.
The ministers who attended the meeting included Finance Minister Arun Jaitley, Civil Aviation Minister Ashok Gajapathi Raju, Railway Minister Suresh Prabhu, Union minister with independent charge for power and coal, Piyush Goyal.
The fifth minister part of the GoM, minister for Road Transport and Highways, Nitin Gadkari, was not present. "We can't hide anything from people but when we come to a stage where it is worth saying something, we will tell you," Raju told reporters after the meeting.
Secretary, Ministry of Civil Aviation, R N Choubey declined to comment on the specifics, saying, "It is a market sensitive issue."
The Cabinet Committee on Economic Affairs late last month gave its in-principle approval for disinvestment of Air India. It constituted an Air India Specific Alternative Mechanism (AISAM), or a group of ministers, headed by Jaitley to look into five terms of references.
The mandate of the AISAM is to look into the treatment Air India's debt, hiving off of certain assets to a shell company, demerger and strategic disinvestment of three profit-making subsidiaries, quantum of disinvestment and the universe of bidders.
Air India, which has a debt burden of more than Rs 52,000 crore, is staying afloat on taxpayers' money. The previous UPA government had extended a bailout package worth little over Rs 30,000 crore to the national carrier for a ten-year period starting from 2012.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Retirement Planning: In how many years your Rs 25K monthly SIP investment will grow to Rs 8.8 cr | See calculations
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
07:54 PM IST