New CMD has been appointed during the process of privatization of Air India

New delhi date. 14 February 2020, Friday

Air India has been entrusted with Rajiv Bansal in the process of privatizing the debt-ridden Air India. Rajiv Bansal, a senior Indian Administrative Service, has been appointed as the new CMD of Air India. It is also when the process of selling Air India has begun. Rajiv Bansal has been appointed as the new CMD after the completion of one-year term of Air India Chairman and Managing Director (CMD) Ashwani Lohani.

Bansal, IAS officer of the Nagaland cadre of 1988 batch, was additional secretary in the Ministry of Petroleum and Natural Gas It is worth mentioning that there is thousands of crores of debt on Air India. The reasons for such a long-term loan are responsible for the purchase of aviation and the purchase of working capital.

According to an official aware of the plan, Air India now has a loan of just Rs 18,000 crore. Air India lost Rs 8,556 crore in FY 2018-19. On January 7, a group of ministers led by Home Minister Amit Shah approved the proposal regarding privatization.

It may be mentioned that even in 2018, the government has tried to sell Air India but at that time there was not a single buyer. At that time, the government had decided to sell only 76 per cent. It is believed that the government has decided to sell 100 percent this time due to no single buyer.