- Mahindra & Mahindra stock hits 52-week high as brokerages bullish on counter post Scorpio-N launch; check target prices
- GST Council meet begins today: Know agendas of Finance Minister Nirmala Sitharaman's led two-day meeting
- Security deposit on commercial LPG connection goes up by Rs 1050 for 19-kg cylinder; check new rates
- Cash-starved Sri Lanka to end fuel duopoly to ease fuel shortages
- Xiaomi 12S series set to launch with Leica cameras on July 4: Check key details here
Cabinet clears SPV for transfer of Air India loans, subsidiaries
The Cabinet Thursday approved setting up of a special purpose vehicle -- Air India Assets Holding-- for transfer of the national carrier's working capital loans, which are not backed by any assets, as well as four subsidiaries.
"The Union Cabinet has given ex-post facto approval for the creation of the SPV and associated activities for the disinvestment of Air India and its subsidiaries or JV," an official statement said.
The four subsidiaries which have been transferred to the SPV are Air India Air Transport Services (AIATSL), Airline Allied Services (AASL), Air India Engineering Services Ltd (AIESL) and Hotel Corporation of India (HCI). Also, non-core assets - painting and artefacts, and other non-operational assets of the national carrier too will be transferred to the SPV.
These subsidiaries and assets are not part of the Air India strategic disinvestment, which is being planned by the government.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.