Govt prepares to divest Air India’s ground handling ops
Air India had current liabilities and provisions, including short-term loans and trade payables of ₹70,686.6 crore and a net debt of ₹58,255 crore at the end of FY19.
(Bloomberg)
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The government is preparing to separately sell Air India Ltd’s profitable ground-handling unit with the privatization of the national carrier making progress.
The finance ministry may soon issue a preliminary document for interested bidders for Air India Airport Services Ltd (AI APS), a senior official in the ministry said on condition of anonymity.
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Updated Dec 20, 2020 | 15:51 IST
Air India has been unprofitable since its 2007 merger with state-owned domestic operator Indian Airlines Ltd. The ailing national carrier has outstanding debt of Rs 23,286 crore. Air India privatisation deal unlikely to conclude in this fiscal
New Delhi: The Air India privatisation deal is likely to spill over to the next fiscal as the divestment process is unlikely to conclude in the remaining a little over three months of 2020-21, an official told news agency PTI.
The government has received multiple bids for the disinvestment of its stake in debt-ridden national carrier Air India, the secretary of the Department of Investment and Public Asset Management (DIPAM) informed on Twitter. Multiple expressions of interest have been received for strategic disinvestment of Air India. The transaction will now move to the second stage, the secretary tweeted on Monday as the bidding process concluded.
Tatas, Air India staff join race for airline
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Air India had current liabilities and provisions, including short-term loans and trade payables, of ₹70,686.6 crore and net debt of ₹58,255 crore at the end of March 2019.
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The Tata group and a consortium consisting of Air India employees and a financial investor have shown interest in buying the national carrier that last reported a profit in 2007, two people familiar with the developments said.
The expressions of interest (EoIs) will give the Tata group, and the consortium consisting of New York-based Interups Inc. and a group of
Updated Dec 15, 2020 | 08:34 IST
The new owner has to deal with legacy issues including with various contracts and the biggest challenge will be to handle its existing workforce, which is highly unionised. Representational image
Key Highlights
Multiple companies including the Tata Group and a group led by employees have submitted EoI for Air India
The government wants to sell 100% stake in Air India that includes low-cost subsidiary Air India Express
The new owner has to pay off the excess debt that the airline has over and above the aircraft loans.
New Delhi: Multiple companies including the Tata Group and a group led by employees have submitted expressions of interest (EoIs) for Air India. Low-cost carrier SpiceJet is also said to have shown interest in Air India.
Multiple parties show interest in Air India: Govt hindustantimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hindustantimes.com Daily Mail and Mail on Sunday newspapers.