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Expression of Interest for Air India stake sale likely in couple of weeks

Expression of Interest for Air India stake sale likely in couple of weeks

Expression of Interest for Air India stake sale likely in couple of weeks
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By CNBCTV18.COMMar 24, 2018 5:30:58 AM IST (Updated)

Various details about Air India disinvestment, including net worth criteria for the bidders, will be part of the Expression of Interest (EoI) document, which is expected to be ready in a couple of weeks, a senior official said today.

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A group of ministers is in the process of finalising the contours of strategic disinvestment of loss-making Air India.
Civil Aviation Secretary R N Choubey said the EoI is expected in a "couple of weeks".
"I would not want to put a hard date to that (EoI) but it is imminent," he said here.
When asked whether any decision has been taken with respect to net worth criteria for Air India, Choubey said those details will be known in the EoI.
In June 2017, the Cabinet Committee on Economic Affairs (CCEA) gave its in-principle nod to the strategic disinvestment of the airline, which has a debt burden of over Rs 50,000 crore.
Subsequent to the decision, the Air India Specific Alternative Mechanism (AISAM), headed by Finance Minister Arun Jaitley, was set up to decide on specific issues.
The national carrier is staying on taxpayers' money under the turnaround plan approved by the previous UPA government in 2012.
Under the plan, the airline is to get Rs 30,231 crore up to 2021 subject to achieving certain milestones. So far, the government has infused Rs 26,545.21 crore into the carrier.
Speaking at an event to celebrate the 10th anniversary of Rajiv Gandhi International Airport here, Choubey said the ministry is taking various initiatives.
Two new airports would be coming up at Navi Mumbai and near Delhi at a total cost of around Rs 15,000 crore each, he said.
About the proposed near the national capital, he said, "that airport is to be bid out by the end of the year".
The growth rate of the country's civil aviation sector is the "highest in the world" at more than 20 per cent, he added.
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