NEW DELHI: The Indian government will sell 100 per cent of Air India to exit a business that is incurring huge losses to the public exchequer.
Bidders have until March 17 to submit their bids, according to a sale document released on Monday.
The government’s attempt to sell a 76 per cent stake in the debt-laden flag carrier in 2018 was halted after it failed to elicit investor interest.
Set up in 1932, Air India had a network of 42 international and 56 domestic destinations and employed 13,629 people, including 1,884 pilots and 4,028 cabin crew, as of November last year.
The divestment plan includes the government fully selling Air India and budget carrier Air India Express along with Air India’s 50 per cent stake in cargo and ground handling services company, Air India SATS Airport Services.
The new owner will have to assume about $3.26 billion of Air India’s total debt and liabilities of about $8 billion.
Other group businesses such as Air India Engineering Services, Air India Air Transport Services, Airline Allied Services and Hotel Corporation of India are not part of the sale and will be transferred to a separate company called Air India Assets Holding Limited. – Bernama
