The Indian government (GOI) on Monday announced the sale of its 100-percent stake in Air India (AI), it's national airline, which has about $8.2 billion in debt
NEW DELHI (Pakistan Point News / Sputnik - 27th January, 2020) The Indian government (GOI) on Monday announced the sale of its 100-percent stake in Air India (AI), it's national airline, which has about $8.2 billion in debt.
"The Government of India has given 'in-principle' approval for the Strategic disinvestment of AI by way of the transfer of management control and sale of 100% equity share capital of AI held by GOI which will include AI's shareholding interest of 100% in AIXL [Air India Express Limited] and 50% in AISATS [Air India SATS Airport Services Private Limited]," the document released by the Department of Investment and Public Asset Management said.
In 2018, the government tried to sell 76 percent of Air India and transfer the management control to private players but failed to do so.
As part of the proposed sale, a potential buyer will procure a 100 percent stake in low-cost airline Air India Express and 50 percent shareholding in joint venture AISATS. Several of Air India's subsidiaries are excluded from the sale.
The government set March 17 as the deadline for the submission of preliminary bids for the national carrier.
