Govt invites bids to sell 100% stake in Air India
The government on Monday invited preliminary bids to divest its entire stake in Air India, and the airline’s subsidiary Air India Express along with its joint venture Air India SATS Airport Services Private Limited. The government owns 100% stake in Air India and its subsidiary Air India Express.
AISATS is a joint venture partnership between Air India and Singapore Airport Terminal Services (SATS) Limited, which provides ground and cargo handling services.
This is the Centre’s second attempt to divest its stake in the national carrier which has been bleeding money. In 2018, the Narendra Modi-led government had shown interest to divest 76% stake in the airline but found no takers.
Air India’s accumulated losses in the past decade stood at about 69,575.64 crore, aviation minister Hardeep Singh Puri had told Parliament in December.
Air India reported a provisional net loss of 8,556.35 crore in FY19 compared with a net loss of 5,348.18 crore in the previous budgetary.
The government has been pumping money and hived off some debt to keep the airline aloft and ready for sale. The deadline for submission of bids is 17 March.