The government is expected to complete the bidding process of debt-laden national carrier Air India on Wednesday (September 15). Tata Sons has apparently submitted its bid for the sale.
The airline received financial bids (including Tata’s) for its disinvestment process, Finance Ministry said. “Financial bids for Air India disinvestment received by Transaction Adviser. Process now moves to concluding stage,” Secretary, Department of Investment and Public Asset Management (DIPAM) stated.
Aviation Minister Jyotiraditya Scindia had earlier made it clear that September 15 deadline for the process is fixed and will not change.
Currently, Air India has a debt of around Rs 43,000 crore of which Rs 22,000 crore will also be transferred to the Air India Asset Holding Limited (AIAHL).
The government is planning to sell a 100% stake in the airline and its low-cost arm Air India Express. And a 50% stake in ground handling company Air India SATS Airport Services Private Limited (AISATS).
Other properties which include Mumbai’s Air India building and Delhi’s Airlines House will also be part of the deal.
Currently, the airline controls over 4,400 domestic and 1,800 international landing and parking slots at domestic airports as well as 900 slots abroad.