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Thursday, January 20, 2022

This government company will be sold by September, the debt is 60 thousand crore rupees

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The initial bids to buy loss-making Air India were also included in the bid made by the Tata Group in December last year.

The deal will be completed by September

The government has started the process of inviting financial bids for the sale of state-run Air Line company Air India and the deal is expected to be completed by September, according to sources. The initial bids to buy loss-making Air India were also included in the bid made by the Tata Group in December last year. Sources said that after analyzing the initial bids, qualified bidders were given access to the virtual data room (VDR) of Air India, after which investors’ questions would be answered.

Sources said that the deal has now gone into the phase of financial bids and is expected to be completed by September. The government is selling its entire 100 percent stake in Air India.

The company is in loss after merger with Indian Airlines

The airline has been incurring losses since its merger with domestic operator Indian Airlines in 2007. The stake sale process was delayed due to the COVID-19 Pandemic and the government extended the deadline for submission of initial bids five times.

60 thousand crore loan on the company

Air India has a total debt of 60,000 crore rupees. Civil Aviation Minister Hardeep Puri had said last month that there is no other way than to privatize Air India or shut it down.

Those who buy Air India will get this benefit

The successful bidder of this airline will get control of 4,400 domestic and 1,800 international landing and parking slots at domestic airports as well as 900 slots abroad. The auction also includes a 50 per cent stake in its subsidiaries Air India Express and AISATS, a common unit for cargo and passenger goods loading and unloading.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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