The Civil Aviation Ministry has sought Expression of Interest for the stake sale in the loss-making carrier and two of its subsidiaries. Reuters file
An Air India official said that another aircraft has been arranged to fly the passengers to Kolkata at 6 pm.
According to a preliminary information memorandum released today on strategic disinvestment of the national carrier, the Centre plans to sell 76 per cent stake in the loss-making Air India. The funds saved can help the government bolster its finances and boost spending on health and education.
In June 2017, the Cabinet Committee on Economic Affairs (CCEA) gave in-principle nod to the strategic disinvestment of the airline, which has a debt burden of over Rs 50,000 crore.
The existing debt and liabilities of Air India and AI Express Ltd "are being reallocated". Failing that, they ask that Air India flights that overpass Saudi Arabia be banned.
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As reported earlier by The Telegraph, the expression of interest (EoI) states the government will sell 76 per cent in Air India and Air India Express. This figure is expected to rise by another Rs 3,500 crore by the end of this financial year. It adds that the Central government is "carving out real-estate assets and other businesses which are not integral to the core airline business into a separate Special Purpose Vehicle (SPV)". Domestic airlines with zero or negative net worth can participate in the bidding process by forming consortiums which fulfill the prescribed criteria.
According to the memorandum, private entities should have a net worth of Rs 5,000 crore to be eligible to send in their bids for the proposed transaction.
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.
The PIM notes that the new owner will have to retain the Air India brand for a minimum period that would be stipulated in later stages of the disinvestment process.
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