New Delhi, Feb 28 () The Union Cabinet on Thursday gave its “ex-post facto approval” for the creation of a special purpose vehicle (SPV) for the disinvestment of Air India and its subsidiaries and joint ventures, a government statement said.
The cabinet also gave its approval for the development of new greenfield airport at Hirasar in Gujarat’s Rajkot district.
An SPV named Air India Asset Holding Ltd (AIAHL) was set up on January 22 last year as part of financial restructuring of the debt-laden national carrier.
The statement on Thursday said “the government has decided to transfer…to the newly-created SPV the debt of Air India Limited amounting to Rs 29,464 crore” as well as “non-core assets, painting and artifacts and other non-operational assets of Air India Limited”.
