Published: Fri, March 30, 2018
Medical | By Alyssa Little

Government plans to divest 76% in Air India, invites EoI

Government plans to divest 76% in Air India, invites EoI

The Ministry of Civil Aviation, Government of India has called out bids for the sale of 76% stake in the national carrier Air India and 100% stake in low-priced global subsidiary Air India Express.

After all, in the Preliminary Information Memorandum, Air India and its subsidiaries have committed to pay these arrears "before consummation of the Proposed Transaction".

An Air India Dreamliner was taken to the remote bay of the IGI airport after the airline received a bomb threat call in Mumbai on Wednesday afternoon.

Air India had a fleet of 115 aircraft as of December 2017 and serves around 39 global destinations.

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On the debt restructuring, the PIM disclosed that the "existing debt and liabilities of AI and AIXL as on March 31, 2017, are being reallocated and it is expected that debt and liabilities...will remain with AI and AIXL".

After going through bad losses year after year, the Government has made a decision to sell Air India's 76% equity shares and transfer the management control.

El Al claims that when it was privatized back in the 1990s, the Israeli government at the time pledged to "encourage fair and healthy competition" between Israeli airlines and their foreign competitors. "Slots can be utilized to take benefit of India's favorable geographic position in global air travel market and develop hub for worldwide operations".

The 85-year-old Air India is also a flag carrier with strong global brand recognition and is "extremely well placed to tap the world's largest aviation market growing at 18 per cent plus rate", it says. Singapore Airlines has also said the company has an open mind about making an initial bid.

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The confirmed selected bidder shall abide by conditions set out in the RFP or the definitive documents to safeguard employees' interests, the memorandum said.

According to the memorandum, the employees' dues to the tune of Rs 1,298.2 crore on account of Justice Dharamadhikari Commission Report is in the nature of past arrears.

". the balance debt shall be allocated to Air India Asset Holding Limited which is 100 per cent owned by the GOI subject to receipt of requisite approvals from lenders and regulators, as applicable".

EY India has been appointed as transaction adviser for the strategic disinvestment process.

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"We will continue to oppose the privatisation".

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