Centre to sell 76% stake in Air India

Government wants to sell 76% stake in loss-making Air India transfer management control

So far piecemeal sale of the carrier has been the methodology, but the present government desires to do it in one go in the interest of private players, who would reap the benefits and public money will be used by the government for meeting the major debt burdens, the trade union said.

The government initiated the disinvestment process of Air India (AI) on Wednesday.

On Tuesday, the Civil Aviation Ministry came out with a detailed preliminary information memorandum on the stake sale, said reports.

Days after Air India's new route connecting New Delhi and Tel Aviv via Saudi airspace was hailed as a historic breakthrough in geo-political relations, Israel's national airline El Al reportedly is seeking cancellation of the Air India's new route.

The government plans to sell a 76 per cent stake in the loss-making airline that comes with a debt of Rs 33,392 crore.

On the debt restructuring, the PIM disclosed that the "existing debt and liabilities of AI and AIXL as on March 31, 2017, are being reallocated and it is expected that debt and liabilities...will remain with AI and AIXL".

More news: Slidell singer had to teach Katy Perry how to pronounce 'étouffée'

Japanese automobile major Toyota has an India-specific small vehicle strategy in place, finally.

Except for a brief period in the early 2000s, when a minister dedicated to such disposals tried to drop "the baggage of 50 years of socialist discourse", the preferred strategy has been to sell a few percentage points of the state's stakes on stock exchanges while retaining ownership and meddling rights.

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. The latter is an equal joint venture between the national carrier and Singapore-based SATS Ltd.

Given the salt-to-software conglomerate's desperation to be India's No. 1 steelmaker-it seems to have overpaid for bankrupt mills- it's unclear Tata would want to take on another big deal so soon.

The senior official said Employee Stock Option Plan (ESOP) would be extended to the airline staff once the divestment process is complete.

The Air India disinvestment transaction will involve Air India, its low-priced arm Air India Express and Air India SATS Airport Services Pvt Ltd.

Related News:



Most liked

Britain must unite to seize opportunities of Brexit, says Theresa May
She said each devolved region of Britain will see an increase in their decision-making powers. The PM then headed to Newcastle-Upon-Tyne to meet with a local parent and toddler group.

Turnout low as Egyptians wrap up presidential vote
The election saw a moderate turnout estimated at around 40 percent, with 24 million citizens casting their ballots. The number of eligible voters who cast their ballots stood at 95,486, with 86,112 valid votes registered, it said.

North and South Korean Officials Meet at Border to Discuss Summit Meeting
During the talks, President Xi accepted an invitation from the DPRK leader to visit the North at a "convenient time". The two sides, on Thursday, announced the summit, which will be the first of its kind to occur in over a decade.

New US deal with South Korea: What you need to know
They also up the number of US cars allowed in without meeting South Korea's different safety standards from 25,000 to 50,000. The US this month commenced levying the steel tariffs vociferating that US imports endangered USA national security.

Storm Team 11 Forecast: Cool Tonight And Pleasant Tomorrow
It's expected to start raining just after 9 a.m. this morning with periods of drizzle off and on throughout the day. A more organized low pressure system is still projected to move through Wisconsin Friday night and Saturday .

Oil Falls After API Reports Major Surprise Crude Inventory Build
By 11:14 a.m. (0314 GMT), 3,599 lots of the most-active June contract had traded, equivalent to 3.6 million barrels of crude. The contract for delivery in September opened about 6 per cent higher at 440.20 yuan (US$69.70) a barrel at 9:01am.

Nvidia develops virtual testing platform for self-driving cars
The promise is to move self-driving auto testing off the public roads and into data centers before the technology is proven out. DRIVE Constellation for virtually testing and validating will bring us a step closer to the production of self-driving cars".

Emergencies Ministry reports on death of 64 in Kemerovo fire
The Kremlin issued a statement saying Mr Putin "expressed his deep condolences to the relatives and loved ones of those who died". Among those detained include "the tenant of the premises where the epicenter of the fire allegedly was", Petrenko said.

Top US gunmaker Remington files for bankruptcy
A survivor of that shooting, plus several relatives of victims, sued the company, but the lawsuit was dismissed by a CT judge. All of this said, firearm background checks, a loose proxy for gun sales, have remained relatively stable in recent months.

LiAngelo Ball reportedly decides to enter NBA draft
The best possible outcome for the Ball family is for LiAngelo to sign a G League contract with a team that wants the publicity. Another brother from the infamous Ball family is apparently ready to try his hand at the National Basketball Association .

Cummings calls for hearings on citizenship census question
"Between 1820 and 1950, nearly every decennial census asked a question on citizenship in some form", the statement read. We have no idea how the untested insertion of a citizenship question will affect public cooperation.

'Pacific Rim 2' dethrones 'Black Panther' at the weekend box office
Black Panther's weekly dominance at the box office was put to an end by Pacific Rim: Uprising , which opened at $ 28 million . The Chadwick Boseman starrer has grossed $630.9 million domestically so far to become the fifth-highest grossing movie ever.

Kansas girl at center of 1954 school segregation ruling dies
His family released a statement in the early hours of Wednesday, March 14, confirming his death at his home in Cambridge. On May 17, 1954, the Supreme Court unanimously ruled that segregation was unconstitutional.

Here come the Chrome OS-powered tablets
To give students additional ways to interact with the Acer Chromebook Tab 10 , the device comes standard with a Wacom EMR stylus. Google rolled out the first official Android tablets in 2011, and consumers seemed at least somewhat interested for a few years.

French police find homemade explosives, ISIS notes belonging to terrorist
The officer's mother, who has not been named, said she was not surprised by her son's actions, saying: He's always been like that. France has been on high alert since a series of extremist attacks in 2015 and 2016 that killed more than 200 people.