The Union Cabinet on Wednesday approved a slew of decisions including one to further ease divesting the government’s stake in Air India.
It also approved the Companies (Second Amendment) Bill, 2019 and the consolidation of 10 public sector banks into four.
An official statement said that the amendment to the foreign direct investment policy on civil aviation will permit FDI in Air India up to 100 per cent by non-resident Indians.
“The proposed changes to the FDI policy will enable foreign investment by NRIs into Air India. Up to 100 per cent, under the automatic route,” the statement said. Till now, NRIs were allowed 100 per cent FDI under the automatic route in other scheduled air transport service/domestic scheduled passenger airline.
