Air India To Be Come 'Majestic Maharaja': Jayant Sinha

According to the Air India privatisation plan the government will sell 76% stake in Air India along with 100% stake in Air India Express Ltd and 50% in Air India SATS Airport Services

Coming out with a detailed preliminary information memorandum on the stake sale, the Civil Aviation Ministry said the proposed disinvestment would include profit-making Air India Express and joint venture AISATS.

The Indian government has approved the sale of 76 percent of the country's flag carrier Air India.

The successful bidder will assume INR333 billion rupees (USD5.1 billion) worth of debt with the balance to then be allocated to Air India Asset Holding Limited which is 100% owned by the Government of India.

The minister said that a consortium will need to have a net worth of at least Rs 5,000 crore if they want to bid for the airline.

The airline is under a massive debt burden of over Rs. 50,000 crore.

Indigo operates primarily on domestic routes has about a 40 percent market share compared with a domestic market share by Air India and subsidiary Air India Express of 12.3 percent.

Modi's cabinet gave the go-ahead a year ago to sell the loss-making flagship airline after successive governments spent billions of dollars to keep it solvent.

US, S. Korea hammer out amended trade deal
The U.S. will likely try to include such currency deals in its future negotiations with Japan and other trading partners. President Donald Trump, left, welcomes South Korean President Moon Jae-in at the White House on June 30, 2017.

Further, the new owners of Air India would immediately get a 12.2% domestic market share and a 10.37% share of India's global air traffic market.

"The permit that Saudi gave to Air India to fly over its territory to Israel is a global precedent", Eli Defes, the chairman of El Al's board, said in an interview last week at the airline's offices at Ben Gurion Airport.

Along with IndiGo, aviation industry majors SATS, Bird Group and Celebi have shown interest in buying Air India's ground handling unit.

Air India's call centre in Delhi received a bomb threat call for their AI-020 Delhi-Kolkata flight, media reports said.

When bidding in a consortium, a clearly defined lead member needs to hold majority stake in the corporate entity representing the consortium. The government has also made it clear that it is its "intention" to divest the residual shareholding through the process of dispersed divestment on terms which will be described at a later stage.

". There will be some time for those parties who are interested, they will go through the document and come out with the expression of interest", he said.

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