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Bidders for debt-laden Air India may get 45 days to submit bids

Updated : January 20, 2020 06:32 AM IST

While Air India's net loss in 2018-19 was around Rs 8,556 crore, its current total debt is around Rs 80,000 crore.

The Narendra Modi government is expected to invite expressions of interest (EoI) for the debt-laden Air India later next week, sources privy to the developments told CNBC-TV18.

The bidders may get almost a month and a half to submit their preliminary bid, sources in the know told CNBC-TV18.

Earlier, a group of ministers (GoM), headed by union home minister Amit Shah, had on January 7 approved the EoI and the share purchase agreement (SPA) for the airline.

While Air India's net loss in 2018-19 was around Rs 8,556 crore, its current total debt is around Rs 80,000 crore.

Dismissing rumours that the national carrier will shut down operations, Civil aviation minister Hardeep Singh Puri had said on December 31 that the national carrier, which is incurring a loss of Rs 20 crore to Rs 26 crore daily, will keep on operating till it is privatised.

Air India chief Ashwani Lohani on January 4 had said that "rumours" of the disinvestment-bound airline's shutdown are "all baseless", weeks after he told the civil aviation ministry that the carrier's financial situation was "grossly untenable" for sustaining operations.

In 2018, the government had proposed to offload 76 percent equity share capital of the national carrier as well as transfer the management control to private players.

However, the offer failed to attract any bidder when the deadline for initial bids closed on May 31, 2018. Therefore, the Centre re-started the disinvestment process in 2019. The Centre plans to divest its entire stake in Air India this time so as to make it attractive for private entities.

Published : January 17, 2020 10:21 PM IST

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