Government permits NRIs to own 100% stake of Air India
The government has notified changes in Foreign Direct Investment (FDI) norms on civil aviation. It will permit non-resident Indian nationals to own 100 per cent stake of Air India. Last month, the government for the third time extended the deadline to bid for Air India. The deadline was extended by two months till August 31st.
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Key-Points
These rules will be called as the Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2020.
The amendment removes the exception which permitted Overseas Citizens of India 100% FDI in air transport, but not Air India.
This category of citizens has been replaced with NRIs, now allowed to commit 100% FDI in air transport, including Air India, through automatic route.
Last month, the government for the third time extended the deadline to bid for Air India. The deadline was extended by two months till August 31st. The divestment process for the national carrier was initiated on January 27th.
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