NEW DELHI: The government on Wednesday unveiled plans to sell up to 76 per cent stake in Air India and transfer the management control to private players, starting the ambitious strategic disinvestment process for the debt-laden national carrier.
Coming out with a detailed preliminary information memorandum on the stake sale, the Civil Aviation Ministry said the proposed disinvestment would include profit-making Air India Express and joint venture AIATSL. The latter is an equal joint venture between the national carrier and Singapore-based SATS Ltd.
While the government would retain 26 per cent stake in the national carrier, the winning bidder would be required to stay invested in the airline for at least three years.
Starting off the disinvestment exercise — a major initiative of the NDA government — Expression of Interest (EoI) has been sought from various entities, including foreign airlines.
The last date for submission of EoI is May 14 and intimation to the qualified interest bidders would be made on May 28.
Bidding can be done as a single player or as part of a consortium. The bidder should have a minimum net worth of Rs 5,000 crore and the requirement is subject to certain conditions depending on the class of entities. READ MORE