Air India Disinvestment: Government To Sell 100% Stake; Issues Bid Document
As part of the strategic disinvestment, Air India would also sell 100 per cent stake in low cost airline Air India Express and 50 per cent shareholding in joint venture AISATS.
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The government on Monday issued the preliminary information memorandum for 100 per cent stake sale in national carrier Air India.
As part of the strategic disinvestment, Air India would also sell 100 per cent stake in low cost airline Air India Express and 50 per cent shareholding in joint venture AISATS, as per the bid document issued on Monday.
Management control of the airline would also be transferred to the successful bidder.
The Government has set March 17 as the deadline for submitting the Expression of Interest (EoI).
EY is the transaction adviser for Air India disinvestment process.
India said that substantial ownership and effective control of Air India would have to remain vested with an Indian entity following the sale, limiting the scope of any foreign bidders interested in the asset.
In 2018, India had tried to sell a 76% stake in Air India and offload about $5.1 billion of its debt, terms that potential buyers at the time viewed as too onerous.
Air India, known for its Maharaja mascot, has some of India's most lucrative international and domestic landing and parking slots that are key for airlines.