File photo. Photograph:( Reuters )
The government owns 100% stake in Air India, and its subsidiary Air India Express.
The Government of India is planning to completely privatize the flag carrier airline of the country, as PM Modi administration is going all out in its another attempt to sell Air India and inviting bids to divest its entire stake in it.
Bids are invited by March 17 with Ernst and Young LLP India as exchange guide. Bidders for Air India Ltd. should assimilate $3.26 billion of its debt.
The government owns 100% stake in Air India and its subsidiary Air India Express. The whole organization will be sold yet successful control needs to remain with Indian nationals.
Air India, which began its operation in 1932 as a mail bearer before winning business ubiquity, saw its fortunes blur with the development of cutthroat low-cost rivalry among domestic airlines. The state-run aircraft has been unfruitful for over 10 years and is burdened with a debt of more than $8 billion.
Indian guidelines permit a foreign airline to purchase as much as 49% of an Indian air carrier, while abroad financial specialists other than aircraft can purchase a whole transporter. The administration didn't locate a single bidder when it attempted to sell Air India in 2018.