New Delhi: A proposal to revive Air India by selling 51 percent stake within five years might be on the cards. As per sources, the talks are at an initial stage between interested parties and the finance ministry as well as prime minister’s office
The former carrier has undergone the woes facing cutthroat competition from domestic airlines and burdened by a debt of $7 billion that has been unprofitable since 2007.
In the past six years $3.6 billion have been contributed Indian taxpayers following a bailout plan.
The finance ministry would only be announcing the offer after all detailed discussions have been conducted to ensure there are takers for the offer.
The Air India share has declined to 14 percent in the local market while a decade ago it was 35 percent.