Suresh Prabhu / Jayant Sinha
Suresh Prabhu / Jayant Sinha

Aviation Ministry committed to strategic disinvestment of Air India

ANI | Updated: Jun 20, 2018 19:23 IST

New Delhi [India], June 20 (ANI): The Civil Aviation Ministry on Wednesday said that the government is committed to give financial support to beleaguered national carrier Air India.
Speaking to media on Wednesday, Union Minister of State for Civil Aviation Jayant Sinha said that the government would look after all its financial or liquidity requirements.
The minister further informed that an alternate mechanism headed by Finance Minister Arun Jaitley was reviewing the situation, and as required will take appropriate decision.
"We are committed to supporting and strengthening Air India whatever be its financial and liquidity requirements. We will continue to support it like in the past," Sinha said.
"We are committed that Air India remains a globally competitive airline. It has legacy issues but now it is making profit. Today market condition has changed so we are reviewing it," Sinha added.
Meanwhile, Union Civil Aviation Minister Suresh Prabhu said the government will soon review a plan to sell stake in Air India.
"We are evaluating market conditions and considering an alternative mechanism for divesting the national carrier," he added.
Earlier on Tuesday, it was reported that the government had deferred its plan to privatise the debt-ridden airline.
The government had this year announced a plan to divest 76 percent stake in Air India, but the airline failed to get even a single bidder for its disinvestment.
Earlier this month, the national carrier invited bids for Rs 1,000-crore Short Term Loan (STL) from financial institutions and banks to meet its "urgent working capital requirements." (ANI)