India: Air India To Be Off-Loaded By Government


India says it will sell off two or three state-owned entities including Air India to local or foreign companies.The object is to raise up to 600 billion rupees ($8.5 billion) by March 2020, a senior Finance Ministry official said on Monday.


The government says it plans to sell Bharat Petroleum Corp. Ltd., logistics firm Container Corp. of India Ltd. and the debt-laden Air India carrier before the end of the 2019/20 financial year.


NEW DELHI, India - India says it will sell off two or three state-owned entities including Air India to local or foreign companies.


The object is to raise up to 600 billion rupees ($8.5 billion) by March 2020, a senior Finance Ministry official said on Monday.


The government says it plans to sell Bharat Petroleum Corp. Ltd., logistics firm Container Corp. of India Ltd. and the debt-laden Air India carrier before the end of the 2019/20 financial year.


The story was carried by the Reuters Thomson news agency quoting the official, who the agency said had requested anonymity.


Buyers are expected to be sought locally and internationally. The proposed sales follow criticism of the government in the past for selling state-owned entities from one state-owned company to another.


"The PMO is very clear that we cannot be selling government companies to another government company and then call it privatization," the official was quoted by Reuters Thomson as saying.

Source: sierraleonetimes.com

By: Lola Evans