The central government has taken a step further for the disinvestment of Air India. For this, many companies including Tata Sons have made financial bids.
New Delhi: The Central Government has taken a step further in the direction of disinvestment (selling) of Air India. The government has said that several groups, including Tata Sons, have made financial bids for disinvestment in Air India.
100 percent stake of Air India will be sold
Tuhin Kanta Pandey, Secretary, Department of Offer Investment and Public Asset Management (DIPAM), tweeted on Wednesday that the government has received several proposals for Air India disinvestment. Now after considering these as per rules, a decision will be taken.
According to sources, the government wants to sell 100 percent of its stake to the private sector. The government has 100 percent stake in AI Express Ltd and 50 percent stake in Air India SATS Airport Services Private Limited.
Disinvestment process started in the year 2020
The government had started the disinvestment process in January 2020 to sell the loss-making Air India. At the same time, corona virus infection started in the country. Due to which this process hangs in the balance for about 1 year. In April this year, the government asked interested companies to make financial bids to buy Air India. For this, the last date was fixed on 15 September.
September 15 was fixed as the last date
Recently, Union Aviation Minister Jyotiraditya Scindia had clarified that the last date for financial bidding will not be extended. After which the financial bids of many companies came to the government till Wednesday evening. The government had earlier offered to sell 76 percent stake in Air India in the year 2018, but it did not succeed. After which the government announced to sell 100 percent stake in the company this year.
Debt reached 43 thousand crores
According to sources, the debt on Air India has increased to Rs 43,000 crore. Air India has taken all this loan on the guarantee of the Government of India. Due to which the burden on the government is increasing. After disinvestment, the Government of India will pay the debt before transferring Air India to the new owner.
The company’s building will also be sold along with the planes.
According to sources, not only Air India aircraft will be sold in this deal, but other properties including Air India building in Mumbai, Airlines House in Delhi will also be part of this deal. Along with this, four acres of land in Connaught Place in Delhi, housing societies for AI employees in Delhi-Mumbai and other cities and other buildings will also be sold.
If we talk about the role of Air India in the flight sector, then the company’s aircraft fly 4400 domestic flights every month. At the same time, 1800 international flights come and go.
