Ailing to even make up the running cost from its flight operations, the Government is inviting bids to sell a 100% stake in Air India. This would be the Government’s second attempt to disinvest its stakes in the airline after a failed attempt in 2018.
A document inviting expression of interest in Air India on Monday said that Air India will sell a 100% stake in the carrier, and the interested can file a submission till March 17.
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The statement further added that any bidder must be aware of the roughly $3.26 billion debt (approx 23,000 crores), along with other liabilities linked with Air India.
The statement added that bids of only an Indian entity would be entertained to limit the scope of any foreign bidders interested in the asset.
In 2018, Air India tried to sell 76% of stake in Air India and offload about $5.1 billion of its debt. With that much debt, Government surely didn’t find even a single bid for its aviation business in 2018.
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Air India operates both domestic and international flights.
