Republic Day Sale: Government invites bids to sell Air India
Delhi: The union government in its second attempt to divest air India a day after the 71 st Republic Day invited preliminary bids. The bid calls to divest the entire stake of Air India, its subsidiary Air India Express along with its joint venture Air India SATS Airport Service Private limited. Fully government owned the Air India is under debt of Rs 58,000 crore. The total debt of Air India and Air India Express to be taken on by the new buyer is Rs 23,286 crore. The balance of nearly 25,000 crores has been absorbed by the government. Meanwhile Air India employee unions are expected to meet in Delhi to discuss proposed privatisation of airline. The last date for submission of bids is 17 March, and qualified bidders will be notified 31 March, according to bid document issued by the Department of Investment and Public Asset Management. Ernst & Young LLP India is the transaction advisor for the deal. “The Government of India (GOI) has given ‘i...