Union minister Jayant Sinha clarified today that the government has no plan to completely exit from Air India. While working on ways to improve the performance of Air India, he told Rajya Sabha that that the government remains committed to the disinvestment of Air India.
It may be recalled that the proposed stake sale in the debt-laden airline failed to take off as it did not receive any Expression of Interest (EoI) from potential bidders when the deadline ended on May 30.
He admitted that in view of volatile crude prices and adverse fluctuations in exchange rates, the present environment is not conducive to stimulate interest amongst investors for strategic disinvestment of Air India in the immediate near future.
The Minister said that the issue would be revisited once global economic indicators, including oil prices and forex conditions stabilise. As per its audited accounts, the airline’s total cumulative losses stood at Rs 47,146 crore in financial year 2016-17