Delhi-Kolkata Air India flight grounded after hoax bomb call

30 March 2018, 12:18 | Robert Harris

Govt plans to sell 76% stake in Air India, cede management control

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

The money that was pumped in Air India earlier would be used for public welfare sectors like healthcare and farmers, Sinha said.

Air India started as Tata Airlines in 1932 and later became state-owned.

El AL claims that allowing Air India to fly in using that airspace when they can not violates the 1944 Convention on International Civil Aviation, as well as promises that the Israeli government made to ensure "sound and fair competition" when El Al was privatized by the Israeli government in 1994.

Prime Minister Benjamin Netanyahu has also hailed the new Air India route as "historic".

Modi's cabinet gave the go-ahead a year ago to sell the loss-making flagship airline after successive governments spent billions of dollars to keep it solvent.

"Along with the debt of Rs 33,392 crore and the debt reflecting lease rentals which is off balancesheet, the minimum acquisition price for Air India thus comes to be close to Rs 43,000 crore, unless the government decides to sell some aircraft" he added.

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If a $5 billion debt on the balance sheet from day 1 doesn't seem daunting enough sample this: The PIM does not indicate any leeway that the new owners will have with regard to rationalising the employee count at Air India. Ltd-an equal joint venture between Air India and Singapore-based SATS Ltd.

However, if a consortium is bidding and one of its members is an Indian scheduled carrier, then the condition to meet PPAT will not apply to such member provided their shareholding in the consortium is restricted to a maximum of 51% of paid-up equity share capital of the consortium's SPV.

The airline is under a massive debt burden of around Rs 50,000 crore (around $8 billion).

As Anurag Kotoky of Bloomberg News has noted, the only potential bidder to have publicly expressed a desire to buy Air India is InterGlobe Aviation Ltd.'s IndiGo, a homegrown low-priced airline that's obviously drawn to the flag carrier's bilateral flying rights and slots at busy airports like Heathrow and John F. Kennedy.

The government has stipulated a net worth criteria of ₹5000 crore for parties to bid for Air India.

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