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Indian government invites bids to sell 100 pc stake of national carrier Air India

Indian government invites bids to sell 100 pc stake of national carrier Air India

India Blooms News Service | @indiablooms | 27 Jan 2020, 11:29 am

New Delhi/UNI:  The Government on Monday invited bids to sell 100 per cent stake of debt-laden Air India with the last date of filing EoI (expression of interest) by March 17, 2020.

“The Government has released Preliminary Information Memorandum seeking Expression of Interest for strategic disinvestment of Air India. Air India is extremely competitive, has skilled manpower and dynamic pricing but need an investor who can bring in required capital. Ministries of Commerce and Industries, Finance and Corporate Affairs have given approval for the EoI,” Union Civil Aviation Minister Hardeep Singh Puri told a news conference here.

Mr Puri said the brand logo of Air India would continue to remain the same even after the sale of the airline.

The management control of the airline would be transferred to the investor, he added.

Along with the Air India, the Government has put on sale 100 per cent equity shares of Air India Express Limited and 50 per cent stakes in joint venture Air India Airport Services Private Limited.

Secretary Pradeep Kharola said freezing debt of Rs 23,286.5 crore would remain with Air India and Air India Express at the time of closing of the disinvestment and after this it would be borne by Special Purpose Vehicle (SPV).

It is worth mentioning here that the Government has created an SPV named Air India Asset Holding Ltd (AIAHL) on January 22, 2018 as part of financial restructuring of the debt-laden national carrier.