'Maharaja' on sale: Union Cabinet approves Air India's disinvestment

New Delhi [India], June 28 (ANI): The Union Cabinet on Wednesday gave an in-principle approval for disinvestment of Air India. Finance Minister Arun Jaitley, while addressing a press conference, said that on the request of the Civil Aviation Ministry a group under his vigil will be constituted to decide on the modalities of the matter. "There was a proposal of civil aviation ministry of disinvestment of Air India, this has been given theoretical approval or an in-principal approval," said Jaitley. "In its proposal the civil aviation ministry had urged to constitute a group under the finance minister which can decide on the concerning modalities of the same, the cabinet has accepted that. How much of it will be disinvested? Or the issues related to its debts, hotels will be later on decided by the constituted group," he added. This step comes in the view of Ministry of civil aviation plying ways to revive Air India, which is surviving on Rs 30,000 crore bailout package extended by the previous UPA regime. Air India constitutes of the largest fleet of 140 planes in India. According to reports, the cabinet chose between two options suggested in a 30-page note prepared by the Department of Investment and Public Asset Management (DIPAM) after discussions in a Committee of Secretaries, headed by the cabinet secretary. (ANI)