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Air India Expression of Interest has been released by the government. The government hopes to announce final winner on May 28.
The last date for submission of EOI is May 14 this year.
The government has decided to retain a 24 per cent stake in Air India and Air India Express, as part of its divestment in the state-owned airline. The government is also proposing divesting 50 per cent of its stake in Air India Sats Airport Services. The divestment is to be carried out through an open competitive bidding process.
The divestment process is expected to get under way in the next few days when the global invitation for Expression of Interest (EoI) is uploaded on the government’s websites. A clearer picture of the broad guidelines will emerge once this is done.
The government is proposing a strategic divestment of the airline by transferring management control and sale of 76 per cent of its equity share capital in Air India. Ernst and Young is the transaction advisor to the government on the divestment process.
The government has stipulated a net worth criterion of ₹5,000 crore for parties interested in bidding for Air India.
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