OPEC must reduce oil production next year: UAE energy minister

New Delhi, Mar 4: The government on Wednesday permitted NRIs to own up to 100 per cent stake in disinvestment-bound Air India.

The decision comes at a time when the government is looking to sell 100 per cent stake sale in the national carrier.

Union minister Prakash Javadekar said the Cabinet has approved allowing Non-Residents Indians (NRIs) to hold up to 100 per cent stake in Air India.

Allowing 100 per cent investment by Non-Resident Indians (NRIs) in the carrier would also not be in violation of SOEC norms. NRI investments would be treated as domestic investments.

Under the Substantial Ownership and Effective Control (SOEC) framework, which is followed in the airline industry globally, a carrier that flies overseas from a particular country should be substantially owned by that country's government or its nationals.

Currently, NRIs can acquire only 49 per cent in Air India. Foreign Direct Investment (FDI) in the airline is also 49 per cent through the government approval route.

As per the existing norms, 100 per cent FDI is permitted in scheduled domestic carriers, subject to certain conditions, including that it would not be applicable for overseas airlines.

In the case of scheduled airlines, 49 per cent FDI is permitted through automatic approval route and any such investment beyond that level requires government nod.

On January 27, the government came out witha Preliminary Information Memorandum (PIM) for Air India disinvestment. It has proposed selling 100 per cent stake in Air India along with budget airline Air India Express and the national carrier's 50 per cent stake in AISATS, an equal joint venture with Singapore Airlines.

Under the latest disinvestment plan, the successful bidder would have to take over only debt worth Rs 23,286.5 crore while the liabilities would be decided depending on current assets at the time of closing of the transaction.

This is the second attempt by the government in as many years to divest Air India, which has been in the red for long.

Washington, May 20: The United States recorded another 1,536 coronavirus deaths over the past 24 hours, the Johns Hopkins University tracker said.

That figure, tallied as of 8:30 pm (0030 GMT), raises to 91,845 the total number of COVID-19 deaths in the US.

The US tops the global rankings both for the highest death toll and the highest number of infections, with more than 1.5 million cases.

Jaipur, Jul 14: In a show of strength, Deputy Chief Minister Sachin Pilot-led Rajasthan Congress camp on Monday released a video showing at least 16 MLAs sitting together.

This comes hours after the Congress held a legislature party meeting. Party leaders said 106 of 122 MLAs attended, a claim contested by the Pilot camp.

The 10-second video was shared late at night on Pilot's official WhatsApp group.

In the video, at least 16 MLAs are seen sitting together in a close circle. Pilot is not seen in the video.

Six other people can be seen in the video but they could not be identified.

Some of the MLAs seen in the video are Indraraj Gurjar, Mukesh Bhakar, Harish Meena.

Tourism Minister Vishvendra Singh tweeted the video with the caption "Family".

Ladnun MLA Mukesh Bhakar tweeted, "...Loyalty in Congress means Ashok Gehlot's slavery. That is not acceptable to us."

Pilot has been upset since he was denied the Rajasthan chief minister's post after the December 2018 assembly elections.

On Sunday, he claimed to have the backing of 30 Congress MLAs and "some independents".

Those close to him disputed Gehlot's claim that his government had a majority, and said this is proven in the assembly and not at the CM's house.

Sources close to him have also ruled out the possibility of Pilot joining the BJP.

In the 200-member Rajasthan Assembly, the Congress has 107 MLAs and the BJP 72. In the past, the ruling party has claimed the support of 13 independents, two MLAs each from the CPM and the Bharatiya Tribal Party, and one from the Rashtriya Lok Dal.