And the federal government is getting ready to promote its complete stake in loss-making Air India. The authorities has sought bids from buyers for the disinvestment of Air India. Apart from Air India, its subsidiaries Air India Express and three way partnership SATS Airport Service can even be disinvested. According to the bid doc issued by the Investment Department and the Department of Public Asset Management, the final date for submission of bids is 17 March and the names of certified bidders will probably be introduced on 31 March. The authorities at the moment holds 100 per cent stake in Air India and subsidiary firm Air India Express. At the identical time, Air India's accomplice in three way partnership SATS Airport Service is Singapore Airport Terminal Services. <! –
Explain that that is the second try of the Central Government to promote a stake in Air India, which has been in deficit for a very long time. Earlier in 2018, the Modi authorities had sought functions to promote 76 per cent stake in Air India. But at the moment the federal government didn’t discover a single purchaser of Air India. Air India has a 12.7 per cent stake within the aviation sector in India. The firm flew 1.83 crore passengers in 2019.
69,575.64 crore loss in 1 decade
Air India has incurred a complete lack of Rs 69,575.64 crore within the final 10 years. Aviation Minister Hardeep Singh Puri gave this info in Parliament in December. At the identical time, Air India had a lack of Rs 5438.18 crore in 207-18 and Rs 8556.35 crore in 2018-19. Air India has a debt of round Rs 60,000 crore. An official had stated that if an investor doesn’t purchase Air India by June 2020, its destiny could possibly be much like Jet Airways. According to the federal government, Rs 30,520.21 crore has been invested in Air India from 2011-12 to December 2019.
– Sword hangs on Air India, will probably be closed if purchaser will not be discovered