The Department for Promotion of Industry and Internal Trade (DPIIT) has notified a decision of the union cabinet to allow non-resident Indians (NRIs) to control up to 100 per cent stake in disinvestment-bound Air India.
The FDI policy earlier permitted NRIs to take only 49 per cent stake in the airline.
In its press note, the DPIIT said: “Foreign investments in Air India including that of foreign airlines shall not exceed 49 per cent either directly or indirectly except in case of those NRIs, who are Indian Nationals, where foreign investment is permitted up to 100 per cent under automatic route”.
On March 4, the cabinet had taken a decision in this regard.
The decision came at a time when the government has sought preliminary bids for 100 per cent stake sale in the national carrier.
