Government to allow NRI`s to acquire 100% stake in Air India

Published On: Wednesday, March 4, 2020 | By: Team KnowMyStock

The Cabinet on Wednesday approved the proposal to allow non-resident Indians (NRIs) to acquire 100% stake in national carrier Air India. NRIs who are Indian nationals will get permission to invest in Air India. This will pave the way for fresh investments. Passengers will continue to get better and better services and it will also improve the business environment. The administration of Narendra Modi has made India a very attractive destination for foreign investment. The government said the successful bidder will need to absorb just ₹23,286.5 crores of debt while the rest, about ₹56,334 crores, will be transferred to a special purpose vehicle - Air India Assets Holding Ltd. Air India operates 98 destinations, including 42 spots overseas. It has 121 aircraft of which it owns 32 while the rest are leased. It has 9,426 permanent workers, 4,201 contract employees and over 2,867 employees who are on deputation from other companies as on 1 November.

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