Taking state-run carrier Air India’s privatisation process a step ahead, Home Minister Amit Shah-led Group of Ministers has approved the Expression of Interest and share purchase agreement (SPA), a senior government official said, PTI reported. The same will be issued in January itself as the government looks to make progress in the Air India stake sale. The government held the last GoM meeting in September last year. With the losses of the airline mounting, the government is under tremendous pressure to get Air India divested. To that end, the government has also approved major debt recast of the airline with about 80% of the airline’s debt likely to be moved to a special purpose vehicle (SPV). To make the airline an attractive purchase for a private player, the government is willing to keep only Rs 10,000-15,000 crore debt in the airline’s books, ET Now reported. Air India is currently reeling under a debt of Rs 80,000 crore.
