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The process of the divestment of Air India is set to start with the Government getting set to release the Expression of Interest, possibly, later tonight. The government is proposing strategic divestment of the airline by transferring management control and 76 per cent equity share capital in Air India held by it. The divestment is to be carried out through the open competitive bidding process.
According to sources, the government will retain a 24 per cent stake in Air India and Air India Express as part of the divestment of its stake in the state owned airline. The government also proposes divesting 50 per cent of its stake in Air India Sats Airport Services. The process is expected to be completed by December this year.
Finance Minister Arun Jaitley in his Budget speech had spoken about the privatisation of Air India.
The government has stipulated a net worth criterion of Rs 5,000 crore for parties interested in bidding for Air India.
A clearer picture on the broad guidelines is expected later today when the Expression of Interest is uploaded on the government website.
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