The government on Monday invited preliminary bids to divest its entire stake in Air India, and the airlines subsidiary Air India Express along with its joint venture Air India SATS Airport Services Private Limited.
The last date for submission of bids is March 17, and qualified bidders will be notified March 31, according to bid document issued by the Department of Investment and Public Asset Management.
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 Limited, which provides ground and cargo handling services.
The Government of India has given in-principle approval for the strategic disinvestment of AI by way of the transfer of management control and sale of 100% equity share capital of AI held by GOI which will include AIs shareholding interest of 100% in AIXL and 50% in AISATS (Air India SATS Airport Services Private Limited),” the document said.
This is the Centres second attempt to divest its stake in the national carrier which has been bleeding money. In 2018, the Nareandra Modi-led government had expressions of interest to divest 76% stake in the airline but found no takers. That time, the government had wanted to sell the loss-making parent with its profitable arm, Air India Express.