New Delhi: The Government of India (GoI), today, issued a bid document to sell 100 per cent stakes of Air India (AI).
‘The GoI has given ‘in-principle’ approval for the Strategic disinvestment of AI by way of the transfer of management control and sale of 100 per cent equity share capital of AI held by GoI which will include AI’s shareholding interest of 100 percent in AIXL ( Air India Express Ltd.) and 50 percent in AISATS (Air India SATS Airport Services Private Limited)’, the bid document read.
The government appointed multinational professional services firm, Earnest and Young (EY), as its transaction advisor to advise and manage the proposed transaction.
Air India, which is completely owned by the government, is a company incorporated under the Companies Act, 1956 on March 30, 2007 and is engaged in the business of certain air transport services and allied activities, operating both domestically and internationally.
The last date for submitting the Expression of Interest (EoI) has been kept at March 17.
The total permanent employees of Air India as on November 1, last were 9,426. Additionally, AI had also employed contract and casual employees.