Indian government seeks buyer for majority stake in Air India

Govt plans to sell 76% stake in Air India, cede management control

The stage is set for the privatisation of Air India, with the Narendra Modi government inviting expressions of interest for acquiring 76 per cent stake in the state-owned airline.

Indian government has reached a decision to sell its 76% stake in Air India airlines to private parties.

As per the advertisement issued by the Government, the companies or consortium will be eligible to bid only if their net worth crosses Rs 5,000 crore.

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In Air India, the case for outright privatisation flows precisely from its inability to withstand sectoral competition.

For the fiscal year April through February, the government has raised Rs 92,493 crore via stake sale in public sector units, according to data from the finance ministry. Air India employees have also been permitted to participate as bidders either directly or by formation of an "employee consortium" subject to relevant conditions.

The NDA government's move earlier to allow FDI by foreign airlines in debt-ridden Air India upto 49 per cent was an indicator that the Government was serious about disinvestment in the loss-making cash-strapped national carrier so as to bring about fresh infusion of funds.

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Further, the new owners of Air India would immediately get a 12.2% domestic market share and a 10.37% share of India's worldwide air traffic market.

New Delhi:A Kolkata-bound Air India flight has been grounded at the Delhi airport following reports of a bomb threat, an official said.

Israel's El Al airline said it appealed on Wednesday to the country's Supreme Court to cancel the authorisation of direct Air India flights between New Delhi and Tel Aviv via Saudi airspace.

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This will include AI's shareholding interest of 100 per cent in Air India Express and 50 per cent in Air India SATS. In addition, the successful bidder would need to ensure that Indian nationals continue to be vested in the substantial ownership and effective control of Air India and Air India Express. Singapore Airlines Ltd and India's Tata Group, which run a joint venture airline named Vistara in India, said they were also open to look at the sale, but haven't elaborated yet.

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