In a major development for India's national carrier, aviation minister Hardeep Singh Puri said that total privatisation will happen for Air India. Speaking at an event, he said that  he cant disclose route taken by government from that platform but  he is sure of decision. "I am very clear as to what we are looking for. It is very clear that re should be total privatization and it has to be done in shortest possible time. We will t do any waiver in time limit," he said. " government’s determination to privatise Air India is a given, it’s undiluted. It should be a total privatisation. We have to get best possible deal in shortest time possible,” he added.

BIG: Centre decides to proceed with disinvestment of national carrier Air India, debt rises to Rs 58,351 crore as of March 2019

Air India: Developments so far

Centre, on June 27, had decided to go ahead with disinvestment of National carrier Air India, as anunced by Union Minister for  Civil Aviation (Independent charge) Hardeep Singh Puri saying that this decision was recommended by government-appointed Air India Specific Alternative Mechanism (AISAM). Following appointment of AISAM, Puri shared that volatile crude oil prices & adverse fluctuations in exchange rates in March 2018, made it an inconducive atmosphere to proceed with disinvestment.

Air India Suspends Its Regional Director For Allegedly Shoplifting Wallet At Sydney Airport

In an AISAM Meeting held in March 2018, which is last year, it was decided that due to issues like volatile crude oil prices & adverse fluctuations in exchange rates, atmosphere was t conducive for disinvestment.

But this was last year.

— Hardeep Singh Puri (@HardeepSPuri) 

Puri added that while continued support from Centre had resulted in improvement of financial and operational performance of Air India, government had decided to go ahead with disinvestment.In complete contrast, earlier in day, minister had said in parliament that present ecomic environment is t conducive for sale of state-run carrier Air India in immediate near future, citing same reasons of oil prices that he claimed hindered Air India's disinvestment in 2018. He had added that government will revisit sale once global ecomic indicators including oil prices and foreign exchange conditions stabilize. 

Finance Ministry To Prepare Fresh Proposal For Air India Sale

Earlier on Wednesday, Puri had shared in Rajya Sabha that grounded airline had a total debt of Rs 58,351 crore as on March 31 this year. Previously in 2018, AISAM had earlier decided to sell 76 per cent in Air India and buyer was required to take over Rs 24,000 crore debt of carrier along with over Rs 8,000 crore of liabilities. However, stake sale failed to attract any bidder when auction process completed on May 31, 2018. At that time, Air India's total debt burden stood at Rs 55,000 crore. As a precursor to strategic disinvestment of Air India, Cabinet in February approved setting up of a special purpose vehicle (SPV) - Air India Assets Holding Company - to transfer Rs 29,464 crore worth loans of national carrier and its four subsidiaries.

Air India Suspends Its Regional Director For Allegedly Shoplifting Wallet At Sydney Airport