Government to float RFP for Air India disinvestment
DSIJ Intelligence / 08 Aug 2017
The government will soon float a request for proposal (RFP) for selection of transaction advisor, legal advisor as well as asset valuer for the proposed disinvestment of Air India, as per a leading news daily.
The government will soon float a request for proposal (RFP) for selection of transaction advisor, legal advisor as well as asset valuer for the proposed disinvestment of Air India, as per a leading news daily.
The Cabinet Committee on Economic Affairs (CCEA), the apex body for formulation of the government’s economic policies, had on June 28 granted its in-principle approval for considering strategic disinvestment of Air India and five of its subsidiaries.
Meanwhile, the government has not yet set any timeline for disinvesting its stake in Air India. The entire process is expected to be completed in 12–18 months.
A group of ministers, headed by Finance Minister Arun Jaitley, has been mandated to decide on the treatment of the unsustainable debt of Air India.
The air carrier has a debt burden of more than Rs 52,000 crore. Air India’s net loss after tax narrowed to Rs 3,643 crore and operating profit rose to Rs 300 crore in the last financial year, Minister of State for Civil Aviation Jayant Sinha had informed the parliament last month.
The employees’ unions at Air India are in conflict with the proposed privatisation of the two government-run entities.
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