NRIs can acquire 100 pc stake in Air India now, announces govt

New Delhi [India], Mar 4 : Now Non-resident Indians (NRIs) can acquire 100 per cent stake in Air India from which the government is disinvesting, Union Minister Prakash Javadekar on Wednesday announced after the meeting of the Union Cabinet.

Earlier, the cap for the NRIs to acquire stake in the national airlines was 49 per cent.

"Regarding the strategic sale of Air India, now NRIs can acquire 100 per cent of stake in the airlines. Earlier it was 49 per cent," Javadekar said.

The government has initiated the process of divesting its share from Air India and is looking for suitable bidders. Earlier attempts by the government at AI divestment had not elicited a response from the potential buyers.

( With inputs from ANI )