New Delhi: The Centre has asked Air India to stop all appointments and promotions. The government says all new flights will be launched only if necessary. The directive came from the Department of Investment and Public Asset Management (DIPAM). The Government has reconstituted the Group of Ministers on Air India Disinvestment. Home Minister Amit Shah will lead the group. Quoting sources in a media report, road transport minister Nitin Gadkari has been removed from the group. The GoM will decide the mode of sale of Air India.
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A total of four central ministers, including Amit Shah, will participate in the event. Apart from Shah, Finance Minister Nirmala Sitharaman, Commerce and Railway Minister Piyush Goyal and Civil Aviation Minister Hardeep Puri will attend the meeting. A senior Air India official said, "This time, we have no doubt about disinvestment. The speed at which things are moving, the ownership of the airline will be shifted to a private party. Air India has a total debt of Rs 58 thousand crore.
At the same time, the cumulative loss is 70 thousand crore rupees. The loss to the airline in the financial year ended March 31, 2019 is estimated at Rs. The Modi government had invited bids from investors to sell Air India's 76 per cent stake in its first term in 2018 and control the management of the airline. The process had failed and investors did not bid for the acquisition of Air India.
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