GoM to decide on foreign cos picking stakes in airlines

A Group of Ministers (GoM) will soon meet here to decide on allowing foreign entities to pick up stakes in the airline sector in India, Civil Aviation Minister Ajit Singh said today. "Finally, the Cabinet will take the decision.

The Committee of Secretaries has already recommended raising the FDI limits in the sector," he told reporters here after laying the foundation stone for installing third ATC tower at the Indira Gandhi International Airport here.

The GoM on aviation will meet soon to take a call on this, he said. His comments came in the wake of reports that government was exploring options to allow FDI in aviation sector. Asked about bailing out private airlines, Singh said the government will not bail out any such private entity. He said the private airlines should come out with workable business plans and then seek loans from banks.

"Air India is Government's responsibility because it is a government organisation," he said in response to a question.