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Centre issues bid document to sell 100 per cent stake of Air India

Centre issues bid document to sell 100 per cent stake of Air India

India Blooms News Service | @indiablooms | 27 Jan 2020, 11:47 am

New Delhi/UNI: The central government on Monday issued a bid document to sell 100 per cent stakes of Air India (AI).

'The Government of India (GoI) has given ‘in-principle’ approval for the Strategic disinvestment of AI by way of the transfer of management control and sale of 100 per cent equity share capital of AI held by GoI which will include AI's shareholding interest of 100 pc in AIXL and 50 pc in AISATS', the bid document read.

The government appointed multinational professional services firm, Earnest and Young (EY), as its transaction advisor to advise and manage the proposed transaction.

Air India, which is completely owned by the government, is a company incorporated under the Companies Act, 1956 on Mar 30, 2007 and is engaged in the business of certain air transport services and allied activities, operating both domestically and internationally.

The last date for submitting the Expression of Interest (EoI) has been kept at Mar 17.

The total permanent employees of Air India as on Nov 1, last were 9,426. Additionally, AI had also employed contract and casual employees.

Taking a dig at the Narendra Modi government, Congress leader Kapil Sibal said, "It is obvious. The government has no money so it is selling all its assets."

Centre issues bid document to sell 100 per cent stake of Air India

India Blooms News Service
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