Advertisement
Saturday, Oct 16, 2021
Outlook.com
Outlook.com

IndiGo Shows Interest In Buying Stake In Debt-Laden Air India, Says Civil Aviation Secretary

The Union Cabinet on Wednesday gave an in-principle approval for disinvestment of Air India.

IndiGo Shows Interest In Buying Stake In Debt-Laden Air India, Says Civil Aviation Secretary
| Representative Image
IndiGo Shows Interest In Buying Stake In Debt-Laden Air India, Says Civil Aviation Secretary
outlookindia.com
2017-06-29T15:03:50+05:30

A day after finance minister Arun Jaitley announced that the Cabinet approved divestment of Air India, India's largest carrier in terms of market share, IndiGo, has expressed interest in buying stake in the debt-laden carrier, said civil aviation secretary RN Chaubey on Thursday.

Chaubey said offers have also been made informally by other domestic and international airlines, according to Economic Times.

"Post the cabinet decision tomorrow, we have received an expression of interest for Air India from IndiGo. They have said that they are interested in Air India," Choubey told reporters. 

The Union Cabinet on Wednesday gave an in-principle approval for disinvestment of Air India. Jaitley, while addressing a press conference, said on the request of the civil aviation ministry a group under his vigil will be constituted to decide on the modalities of the matter.

"There was a proposal of civil aviation ministry of disinvestment of Air India, this has been given theoretical approval or an in-principal approval," said Jaitley.

Surviving on taxpayers' money, Air India has been in the red for long and various proposals, including government think tank Niti Aayog's suggestion for complete privatisation, have been made.

The airline has a debt of more than Rs 52,000 crore and is surviving on a Rs 30,000-crore bailout package extended by the previous UPA government in 2012.

There were also reports, quoting sources, that Tata group is evaluating options on buying stake in Air India. In this regard, there have been internal meetings as well as meetings with government representatives.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Kashmir Minority Killings A Throwback To The Terrifying 90s

Kashmir Minority Killings A Throwback To The Terrifying 90s

Outwardly peaceful, Kashmir has seen a spate of civilian killings in recent weeks. A silent unease has now exploded into fear and concern after the shooting of minorities.

CWC Meet Begins, Key Decisions On Party's Revamp, Election Of New Chief On The Cards

CWC Meet Begins, Key Decisions On Party's Revamp, Election Of New Chief On The Cards

The Congress Working Committee will deliberate over key issues including organisational elections, forthcoming assembly polls and the current political situation.

Dravid All Set To Become Head Coach Of Indian Cricket Team

Dravid All Set To Become Head Coach Of Indian Cricket Team

He has been in charge of the India A and U-19 set-up for the past six years and a lot of players have come through the system prepared by him.

Lynching, Chopping Off Hand Was 'Punishment' For 'Desecrating' Holy Book: Nihang

Lynching, Chopping Off Hand Was 'Punishment' For 'Desecrating' Holy Book: Nihang

A man wearing the blue robes of the Sikhs’ Nihang order appeared before the media, claiming that he had 'punished' the victim for 'desecrating' a holy book.

Advertisement