Govt mulling 49% stake sale in Air India: Report

Eyeing to generate revenue from asset sale during the next financial year, the govt is reportedly considering selling up to 49% stake in Air India. The govt said Wednesday that it is planning to form a panel that would include members from civil aviation ministry, cabinet secretariat, Air India and finance ministry to consider selling the stake. Air India last made profits in 2007. Since then, the company has recorded losses owing to stiff competition from private airlines. The carrier is expected to earn an operating profit of INR80m in the current financial year, the govt said Tuesday. In the previous year, it posted operating losses of about INR26.36b. "Air India is expected to post substantial improvements as per the revised estimates of 2015-16," said Mahesh Sharma, aviation minister of state. <br/>