AFP, New Delhi :
India’s cabinet approved Wednesday plans to sell a stake in state-run Air India as the debt-saddled carrier struggles to compete with low-cost rivals in one of the world’s fastest-growing airline markets.
Finance Minister Arun Jaitley announced cabinet had given “in principle approval for the disinvestment” of the flagship carrier, which was nationalised just after India’s independence nearly 70 years ago.
Jaitley will head a group tasked with progressing the sale, including the amount of divestment and other matters related to Air India’s assets, debts and related hotel companies.
India’s cabinet approved Wednesday plans to sell a stake in state-run Air India as the debt-saddled carrier struggles to compete with low-cost rivals in one of the world’s fastest-growing airline markets.
Finance Minister Arun Jaitley announced cabinet had given “in principle approval for the disinvestment” of the flagship carrier, which was nationalised just after India’s independence nearly 70 years ago.
Jaitley will head a group tasked with progressing the sale, including the amount of divestment and other matters related to Air India’s assets, debts and related hotel companies.
