The government may completely exit Air India after the committee of secretaries (CoS) led by Cabinet secretary PK Sinha agreed to sell 95 percent stake in the debt-laden national carrier, Business Standard reported.

The proposal will be placed in front of a ministerial body, headed by Union home minister Amit Shah in the next 15 days, where a final decision will be taken on the timing, price and amount of shares of Air India to be sold, the report said, adding that the Expression of Interest (EoI) will be out by the first week of October.

The government is taking various steps to reduce Air India's debt burden and rewriting the rules of the privatisation process in order to make it an attractive buy, the report said citing an official.

It is the third attempt by the Centre to sell the debt-laden carrier after earlier attempts in 2001 and 2018 failed to generate any interest in buyers, the report said, adding that the government will retain a 5 percent stake in Air India for ESOP of permanent employees.