New Delhi: The government is expected to finalise the offer document for Air India disinvestment by end of November, a source familiar with the development at the state-run airline said. The initial deadline to release the offer document was October-end, however, it got postponed, the source said.
The source added that the core group of Secretaries on disinvestment will meet one more time to finalise the EoI document. "After the document is finalised, it will be sent to the ministerial panel headed by Union Home Minister Amit Shah for an approval," the person added.
Air India began the process for the disinvestment of its three businesses — Air India Ltd, Air India Express Ltd, and Air India SATS Airport Services Ltd (AISATS) on November 2 when it released a tender to engage a law firm for the process. While Air India Ltd is the public sector undertaking (PSU) that owns the national carrier, Air India Express Ltd is a subsidiary of the company that operates the low-cost airline Air India Express and AISATS is the arm that provides airport services in ground and cargo handling.
The airline's total debt and liabilities stood at Rs 70,000 crores at the end of financial year 2018-19. It owes around Rs 5,000 crores to oil marketing companies for jet fuel supply. The government was forced to abort a plan for disinvestment of Air India, in May last year after it failed to attract bidders.
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It was then decided that the Centre will infuse more funds into the national carrier and cut down debt by raising resources by selling land assets and other subsidiaries.