Cabinet approves proposal to sell government stake in Air India

The Union cabinet has granted in-principle approval to sell the government’s stake in state-owned airline Air India. The government has been exploring ways to privatise the loss-making national carrier, which was bailed out in 2012 with federal funding of $5.8 billion. IndiGo has expressed unsolicited interest in buying a stake in the carrier. Several other airlines, both domestic and international, have also expressed an interest in buying a part of Air India.