THE UNION Cabinet on Wednesday approved a proposal to allow non-resident Indians (NRIs) to bid for the entire 100 per cent stake in Air India which is being put on the auction block.
Although 100 per cent FDI is permitted under the automatic route for NRIs in domestic scheduled passenger airlines, it is restricted to only 49 per cent in the case of Air India.
The Union Cabinet has given its approval to amend the extant FDI policy to permit foreign investment in Air India Ltd by NRIs, who are Indian nationals, up to 100 per cent under automatic route, an official statement said.
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