LIVE TV DownloadNews18 App
News18 English
»
1-min read

Government Doesn't Want Air India to go Kingfisher Airlines Way: Ashok Gajapathi Raju

The minister said a ministerial committee headed by Finance Minister Arun Jaitley is looking into the matter of disinvestment of Air India and anyone, including MPs, are welcome to give their suggestions to this panel.

PTI

Updated:December 28, 2017, 2:24 PM IST
facebookTwittergoogleskypewhatsapp
Government Doesn't Want Air India to go Kingfisher Airlines Way: Ashok Gajapathi Raju
Representative image. (Reuters)
Loading...
New Delhi: The government does not want Air India to become defunct like the Kingfisher Airlines, promoted by embattled liquor baron Vijay Mallya, and wants it to serve the nation, Civil Aviation Minister Ashok Gajapathi Raju said on Thursday.

The government does not want anyone working in Air India to lose their job, Raju said in the Lok Sabha, adding that the disinvestment process of the national carrier has been initiated.

"Nobody wants anyone to become unemployed. We don't want Air India to go the Kingfisher (Airlines) way. We want the Air India to serve the nation, to serve the people and fly high," he said during the Question Hour.

The minister said a ministerial committee headed by Finance Minister Arun Jaitley is looking into the matter of disinvestment of Air India and anyone, including MPs, are welcome to give their suggestions to this panel.

On June 28, the Union Cabinet had cleared disinvestment of debt-laden Air India but the final modalities, including the quantum of stake sale, would be decided by a group of ministers headed by the finance minister.

Surviving on taxpayers' money, Air India has been in the red for long and various proposals, including government think-tank Niti Aayog's recommendation for complete privatisation, have been made.

The airline has a debt of more than Rs 52,000 crore and is surviving on a Rs 30,000 crore bailout package extended by the erstwhile UPA government in 2012.

The Kingfisher Airlines was established in 2003 by Mallya. The air carrier was suspended by the Directorate General of Civil Aviation after it failed to address the regulator's concerns about its operations.

Kingfisher Airlines also defaulted on loans from various Indian banks amounting to Rs 9,000 crore. Mallya left the country for the UK after failing to repay the debt.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Jet Airways 254.10 12.41
Reliance 1,324.45 -1.29
REC 155.40 10.25
Maruti Suzuki 6,522.60 -0.46
HDFC 1,945.65 -1.81
Company Price Change %Gain
Infosys 735.80 -0.86
HDFC 1,945.75 -1.95
HDFC Bank 2,282.00 0.31
TCS 1,986.90 -0.89
Oberoi Realty 511.80 -0.76
Top Gainers
Company Price Change %Gain
IOC 164.35 4.65
ONGC 158.65 4.14
Coal India 237.20 2.26
HPCL 274.25 2.20
Power Grid Corp 202.00 1.76
Company Price Change %Gain
ONGC 158.50 3.90
Coal India 236.80 2.09
Power Grid Corp 201.90 1.71
NTPC 135.65 1.19
Bajaj Finance 2,852.85 0.56
Top Losers
Company Price Change %Gain
Zee Entertain 416.45 -4.23
Vedanta 168.25 -3.25
Bharti Infratel 306.60 -3.01
JSW Steel 278.80 -2.43
UPL 912.70 -2.38
Company Price Change %Gain
Vedanta 168.25 -3.28
Tata Motors 171.35 -2.31
Yes Bank 247.00 -2.18
M&M 664.30 -2.11
ICICI Bank 383.50 -2.07

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results