 "Will soon review Air India stake sale plan: Aviation minister Suresh Prabhu")
India will soon review a plan to sell a stake in Air India, Civil Aviation Minister Suresh Prabhu said, weeks after the government found no takers for the beleaguered national carrier.
The government is committed that Air India remains an independent, globally-competitive and a highly-successful airline, Minister of State for Civil Aviation Jayant Sinha told a news conference on Wednesday. However, the process for selling 76 per cent stake in the airline is over now, he added.
The government had announced the plan in March to divest a 76 per cent stake in Air India along with complete divestment of low-cost arm Air India Express and a 50 per cent stake in Air India SATS Airport Services Pvt Ltd and offload about $5.1 billion of its debt, but prospective buyers stayed away, with some citing onerous terms as a reason for their lack of interest.
On Tuesday, a top official had said the government has for now dropped plans to sell majority stake in Air India as it may not be the right time to privatise the loss-making flag carrier in an election year.