Government aims to sell Air India, other state-owned firms by March 2020
By MYBRANDBOOK
Government of India aims to sell two or three state-owned firms to local or foreign firms to raise up to 600 billion rupees ($8.5 billion) by March 2020. Further, The plan is to sell Bharat Petroleum Corp Ltd, logistics firm Container Corp of India Ltd and debt-laden Air India before the end of the 2019/20 financial year.
The Prime Minister's Office (PMO) had voiced reservations about the Finance Ministry's past sales of stakes in one state entity to another, which was the case when refiner Hindustan Petroleum Corp Ltd was sold to Oil and Natural Gas Corp Ltd, the official said.
The government will initiate the process of strategic disinvestment of Air India in the second half of 2019-20 and in between it would work towards selling some of its subsidiaries and monetise assets. Air India has a debt burden of Rs 55,000 crore. In November last year, a ministerial panel headed by finance minister Arun Jaitley had approved transferring Rs 29,000 crore debt to a special purpose vehicle (SPV) Air India Asset Holding Company.
The national carrier had in September last year invited bids to sell its properties located across India. The airline had put up for sale 28 flats in Mumbai, seven flats in Ahmedabad, and two flats and office space in Pune, besides several other properties across the country.
"The PMO is very clear that we cannot be selling government companies to another government company and then call it privatisation," the official said.
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