AGENCIES / NEW DELHI
The government today announced sale of 100 per cent stake in debt-laden Air India. Issuing the preliminary bid document for the strategic disinvestment today, the government has set March 17, as the deadline for submitting an expression of interest.
As part of the strategic disinvestment, Air India would also sell 100 percent stake in low-cost airline Air India Express and 50 per cent shareholding in joint venture AISATS.
Management control of the airline would also be transferred to the successful bidder.
Briefing media here today, Civil Aviation Minister Hardeep Singh Puri has said that Air India along with Air India Express is a great asset and the successful bidder will continue to use Air India brand.
Mr Puri said, the financial position of Air India is very fragile and the Government has limited resources. He said, Air India is under a debt trap and the private sector can bring required capital to the Airline.