Indian Govt Offers 76% Stake In Air India To Private Bidders
Debt-ridden Air India is all set for bidding as the government plans to sell 76% stake in the national carrier to private bidders. The government has taken steps towards dis-investing the airline running for years on taxpayers’ money.
Of the airline’s total debt of Rs 48,700 crore, Rs 33,390 crore debt will remain with Air India and will have to be absorbed by the potential buyer. The balance debt will be allocated to a government holding company, reports Bloomberg Quint.
Ministry, Expression of Interest (EoI) has been released for the stake sale in Air India along with two of its subsidiaries, Air India Express and Air India SATS Airport Services Pvt Ltd which is an equal joint venture between the national carrier and Singapore-based SATS Ltd. The ministry plans to transfer control of the management along with 76% equity.