Sunday, 07 August 2022

 

 

LATEST NEWS Adnan Sami says 'Alvida' to sweet temptations, asks celebs to join him Skin-like computing chip analyses health data with brain-mimicking AI Need for supplementary digital teaching methods: Jai Ram Thakur Punjab procures 66,666 doses of goat pox vaccine CWG 2022, cricket: New Zealand clinch bronze medal after defeating England by eight wickets CWG 2022, athletics: Eldhose Paul wins India's first triple jump gold medal; Abdulla Aboobacker bags silver Ordinary computers can match Google's quantum computer performance: Researchers Imtiaz Ali talks about his frequent collaborators, imapct of his films, and more Golf: Gaganjeet Bhullar wins Indonesia Open, bags 10th Asian Tour title CWG 2022: Savita the star as Indian women's hockey team wins bronze CWG 2022: Boxers Nitu Ghanghas, Amit Panghal clinch gold for India Tesla robotaxi will be combination of Uber, Airbnb : Elon Musk With a plethora of choices at her disposal, Mrunal Thakur feels 'comfortable' as an actor India's maiden small rocket mission fails to place two satellites in proper orbit Narendra Modi urges participation in 'Handloom Startup Grand Challenge' PM Modi chairs Niti Aayog meeting, Nitish & KCR absent Taapsee reveals reason behind not appearing on 'Koffee With Karan' Urfi Javed hospitalised, neglected her health severely Gurmeet Choudhary, Arushi Nishank team up for upcoming music video 'Teri Galiyon Se' Ring vaccination may not be effective against monkeypox: Study Nawazuddin Siddiqui recalls favourite 'Raman Raghav 2.0' scene: 'I was under-confident'

 

Air India to be divested by year-end : Jayant Sinha

Web Admin

Web Admin

5 Dariya News

New Delhi , 02 Feb 2018

The central government plans to divest its stake in the national passenger carrier Air India by this year-end Minister of State for Civil Aviation Jayant Sinha said on FridayThe bidding process is expected to be finished by June, by when the winning bidder will be chosen, and all the "legal formalities" will be completed by December, Sinha said.As per the plan, the Air India group will be divested as four different entities and that the "information memorandum" will be issued in sometime.Speaking a day after the Union Budget for 2018-19 was presented, Sinha said: "Information Memorandum will be out soon... We plan to decide on the winning bidder by June and the legal formalities will be concluded by December this year." In his Budget speech on Thursday, Finance Minister Arun Jaitley said: "The government has also initiated the process of strategic disinvestment in 24 Central Public Sector Enterprises. This includes strategic privatisation of Air India." On the other key issue regarding the exact debt level of the airline and the ways to deal with it, Sinha said that it is being looked at by a ministerial group -- Air India-specific Alternative Mechanism -- headed by Jaitley. 

Apart from modalities surrounding the divestment process, the ministerial group has been mandated to decide on key issues such as treatment of Air India's debt and hiving-off of its assets.The airline is under a massive debt burden of around Rs 50,000 crore (around $8 billion). The national carrier got a new lease of life in April 2012, when the then UPA government approved a Rs 30,000-crore turnaround and financial restructuring package spanning up to 2021.In 2018-19, budgetary support of Rs 650 crore has been provided to the national carrier on account of its turnaround and financial restructuring plan.The airline has also been allowed to raise Rs 506 crore through IEBR (Internal and Extra Budgetary Resources).Further, Sinha said that the a foreign airline has formally shown interest in Air India, but did not disclose its identity.On January 10, the union Cabinet had decided to open up the national carrier for foreign direct investment (FDI) up to 49 per cent under the approval route.

 

Tags: Jayant Sinha

 

 

related news

 

 

 

Photo Gallery

 

 

Video Gallery

 

 

5 Dariya News RNI Code: PUNMUL/2011/49000
© 2011-2022 | 5 Dariya News | All Rights Reserved
Powered by: CDS PVT LTD