The government has notified the revised FDI rules in the aviation sector. This will enable NRIs (NRIs) to buy 100% stake in Air India. In spite of the notification issued by the Department of Economic Affairs, despite this happening, the ownership of the company will remain with the Indian citizens.
The notification states that foreign investment, including foreign airlines, excluding NRIs, shall not exceed 49%, directly or indirectly. The government has extended the bid submission deadline for Air India for the third time to 31 August last month as global activities were affected.
