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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA
UNSTARRED QUESTION NO: 213
ANSWERED ON:  15.12.2017
Air India Debt
UDIT RAJ
Will the Minister of



FINANCE be pleased to state:-


Will the Minister of FINANCE be pleased to state:

(a) whether the Government proposes to create a Special Purpose Vehicle (SPV) to house Air India’s debt and clear its balance sheet and if so, the details thereof; and

(b) whether the creation of such an SPV will clear an anomalous situation where debts will be paid for by the Government, instead of entities which incurred them and if so, the details thereof?



ANSWER
MINISTER OF STATE IN THE MINISTRY OF FINANCE

(SHRI PON. RADHAKRISHNAN)


(a) & (b): The Cabinet Committee on Economic Affairs (CCEA) in its meeting held on 28th June, 2017 granted ‘in-principle’ approval for considering strategic disinvestment of Air India and five of its subsidiaries. It also decided to constitute an Air India Specific Alternative Mechanism (AISAM) to guide the process on Strategic Disinvestment of the same.

AISAM decided for creation of a Special Purpose Vehicle (SPV) for warehousing accumulated working Capital Loan not backed by any asset along with its four Subsidiaries, non-core assets, painting and artifacts and other non-operations assets of Air India Limited.


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