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Cabinet approves Air India disinvestment: Arun Jaitley

LiveMint logoLiveMint 28-06-2017 PTI

New Delhi: The Union Cabinet on Wednesday approved a government disinvestment in Air India, finance minister Arun Jaitley said at a press briefing.

Jaitley said the cabinet approved the proposal of Air India disinvestment and also decided to form a group under the finance minister to work out the modalities of the stake sale.

This group will study the assets of Air India including hotels and issues like debt.

Air India has the largest domestic and long-haul fleet of 140 planes in the country and flies to nearly 41 international and 72 domestic destinations.

Apart from the planes, the airline also has vast land holdings, including nearly 32 acres in central Mumbai, besides its iconic headquarters on Marine Drive valued at more than Rs1,600 crore. It also has properties in New Delhi, London, Hong Kong, Nairobi, Japan and Mauritius.

The airline has so far received Rs23,993 crore of the Rs30,231 crore equity infusion promised by the government under a financial restructuring plan introduced in 2012. It reported a loss of about Rs3,587 crore in 2015-16, compared with a loss of Rs5,859 crore in the previous year.

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