Union Cabinet gives in-principal nod to divest Air India

The Union Cabinet gave the in principal approval to the Civil Aviation ministry’s proposal to disinvest stake in Air India.

The Group of Ministers will decide on the quantum of disinvestment, mechanism of divestment, assets and debt of Air India and hotel companies owned by Air India.

Finance Minister, Arun Jaitley said, “The Civil Aviation ministry made a request that the Finance Minister will head the group.

“In this government, the groups are set up very fast…The Prime Minister will decide the composition of the group, only the chairman has been decided today,” he added.

The recommendations of the group will have to be approved by the cabinet.