Govt allows NRIs to own up to 100% stake in Air India

The government on Wednesday allowed NRIs to control up to 100 per cent stake in disinvestment-bound Air India.

The decision comes at a time when the government has sought preliminary bids for 100 per cent stake sale in the national carrier.

"Today's decision on Air India is one milestone decision where NRIs... Will get permission to invest 100 per cent in the airline," Union Minister Prakash Javadekar told reporters briefing about the cabinet decision.

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Non-resident Indians (NRIs), who are Indian nationals, will get permission to participate in Air India's strategic sale. Earlier, they were allowed to own up to 49 per cent stake, the minister said.

"Now they can take 100 per cent," he added.

(With inputs from PTI)