Government plans to sell majority stake in Air India ?

According to reports, the Government of India is planning to sell a majority stake in Air India to a ‘strategic partner’ with the aim to turn around the loss making national carrier. The proposal reportedly, includes reviving Air India within five years of selling a 51per cent stake. The talks are at an initial stage and presentations have been made to the finance ministry and the prime minister’s office. The airline has a debt burden of $ 7 billion and has been unprofitable since 2007 despite a bailout allotment of $ 3.6 billion by the government in the past six years. Air India’s share in the domestic market has reduced from 35 per cent ten years ago to 14 per cent.