Civil aviation Minister Hardeep Singh Puri on Thursday said that Air India Specific Alternative Mechanism (AISAM) has approved 100 per cent sale of government stake in Air India for the strategic disinvestment of the national carrier.
The Air India Specific Alternative Mechanism (AISAM) has been set up by the Civil Aviation to expedite the disinvestment process of Air India.
“After the formation of the new government, Air India Specific Alternative Mechanism (AISAM) has been reconstituted and the re-initiation of the strategic disinvestment of Air India has been approved. AISAM has approved the 100 per cent sale of government of India stake in Air India for the re-initiated Strategic Disinvestment of Air India,” said Puri.
The minister has also recently said that Air India might close if not privatised.
Air India, which started as Tata Airlines in 1932 and later became state-owned, hasn’t made a profit since its 2007 merger with state-owned domestic operator Indian Airlines. The international carrier is burdened with $11 billion in debt.
Air India flies to at least 43 cities in 31 countries worldwide, as well as 55 cities within India.