Govt approves 100% FDI in Air India for NRIs

New Delhi: The Union Cabinet on Wednesday has approved 100 per cent foreign direct investment (FDI) in Air India. It is worth noting that the decision comes at a time when the Centre moves ahead with its plan to sell 100 per cent of its equity in the ailing national carrier.

Information and Broadcasting Minister Prakash Javadekar said the Cabinet has approved allowing Non-Residents Indians (NRIs) to hold up to 100 per cent stake in the airline. At present, FDI in Air India is capped at 49 per cent.

Last month, the government extended the time till March 6 for bidders to pose additional queries regarding the sale of its stake in the airline. In January, the Centre had announced the sale of 100 per cent stake in the ailing airline and the last date for submission of expression of interest (EoI) is March 17. The qualified bidders would be intimated on March 31.