Wednesday, 20 June, 2018


Conditions set for Air India selloff

Government wants to sell 76% stake in loss-making Air India transfer management control Conditions set for Air India selloff
Conrad Doyle | 29 March, 2018, 21:03

Speaking about Air India's employees, Sinha said that a consultation process with respect to their protection is now underway.

The Air India call centre was alerted by a caller, claiming that a bomb has been planted onboard the Kolkata-bound flight. Bids have also been called for sale of Air India's 50 per cent stake in AI-SATS, a ground-handling subsidiary between Air India and Singapore Airport Terminal Services. The funds saved can help the government bolster its finances and boost spending on health and education.

The government has invited bids for the disinvestment process of the state-owned national carrier Air India.

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".

The document detailed that apart from AIXL and AISAT, other subsidiaries of the AI Group, such as Air India Engineering Services Ltd., Air India Air Transport Services Ltd, the Hotel Corporation of India and Airline Allied Services Ltd., "will not be part of the proposed transaction". Failing that, they ask that Air India flights that overpass Saudi Arabia be banned. They will become part of the special objective vehicle that will own the working capital debt of the company.

Inviting expression of interest, the Ministry of Civil Aviation outlined the parameters for potential bidders. "This includes strategic privatization of Air India".

The government has laid down the contours for reallocation of the airline's debt component, which is considered by industry and experts to be a spoiler in the disinvestment process.

The government, which has issued advertisements for Expression of Interest (EOI) today, has said that the companies or consortium bidding for the national carrier will have to have a net worth of INR 5,000 crore.

Air India has also seen its market share in the domestic market shrink as low-priced rivals such as IndiGo and SpiceJet added capacity rapidly.

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