The government has started the process to sell its entire 100% stake in Air India.
Union Minister Hardeep Singh Puri said that the government is looking at a new deadline for the disinvestment of Air India and financial bids will be invited in the coming days.
Noting that Air India has no option but to “privatize or shut down”, he said that the government would have to keep the airline operational until it split.
“We are now looking at another timeline, called a data room for prospective bidders to look at … to open up, financial bids have 64 days to come. After that the decision to make and hand over the question Is. On the airline, “said the Minister of State for Civil Aviation.
He was speaking in a session at the Times Network India Economic Conclave.
The government has started the process of selling its entire 100% stake in Air India, which has been incurring losses since its merger with Indian Airlines in 2007.
“… there is no option, we either privatize or we shut down the airline. We run a loss of ₹ 20 crore every day despite earning money by Air India. Because of mismanagement of ₹ 60,000 crore. Cumulative debt is done. ” Mr. Puri said.
“I don’t have the ability to go to Nirmala ji and say please give me some money,” he said in reference to the finance minister asking for money to run Air India.
He also said that earlier Air India’s privatization efforts were not successful as the efforts were half-baked.
Mr. Puri also talked about the domestic civil aviation sector, which is recovering from the effects of the coronavirus epidemic.
“If we had not seen the virus again raising its ugly head, I would have opened up domestic civil aviation 100% in the summer schedule of April 1 … Total revival in the field of domestic aviation, opening, the minister said. That there is a delay of 15-20 days.
He also slammed Congress for his criticism over privatization of airports.
“I am talking about the Confused Congress Politician (CCP). One of the better things they did was the privatization of the two airports (Delhi and Mumbai), for which they can legitimately claim credit. There are success stories at Delhi and Mumbai airports. ” Puri noted.
According to him, the privatization of Delhi and Mumbai airports resulted in a revenue of ₹ 29,000 crore for AAI (Airport Authority of India) between 2006 and 2020. This is the money used to privatize Tier II and III airports.
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