Air India disinvestment: Modi government to sell national carrier’s 100% stake, March 17 last date for bids

27 January, 2020 | newsx bureau

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PM Narendra Modi government has issued a notification to sell Air India's 100% stake. Soon the memorandum went viral, Congress criticized the Centre saying Government has no money.

After the PM Narendra Modi government decided to disinvestment in Air India, a preliminary information memorandum was issued on Monday stating the sale of 100 % stake in the national carrier. Reports said that the government has decided not to invest in Air India sighting big losses and debts.

The latest notification added that Air India would also sell its stake in Air India Express and its 50 % shares in Air India SATS Airport Services Private Limited (AISATS). Air India’s operational management would also be transferred to a new bidder, said reports.

The disinvestment notice said that the Government of India has given approval for the strategic disinvestment by selling shares, transfer of management held by the national carrier. “The GOI which will include AI’s shareholding interest of 100% in AIXL and 50% in AISATS”, the bid document read.

March 17 has been set as the last date for the submission of the bids by the government.

Opposition didn’t like the idea

Soon after the government released the notification to sell Air India’s 100% stakeholding, Opposition was quick to take on the Narendra Modi government. Congress stalwart Kapil Sibal came out all guns blazing stated the Centre will sell all the valuable assets the country possesses.

He said the government doesn’t have anything in reserves and this is what they will do to each government holding now. The growth rate is below 5% and they have to millions of rupees due under MNREGA.

BJP MP Subramanian Swamy also criticised the government’s latest step to sell Air India’s 100% stake. He called it an anti-national decision adding that we can not sell our family silver. Furthermore, he added that he will approach the court against the government’s decision.