September 29, 2020
The buyer would have had to take
The buyer would have had to take over Rs 24,000 crore debt or the carrier along
with over Rs 8,000 crore of liabilities. As per latest data, in 2016-17, two
subsidiaries of Air India — AIATSL and Air India Express Ltd — posted
profits."The Expression of Interest (EoI) for bidders would be floated soon
after the GoM clears the EoI," the sources told PTI.Some of the other
subsidiaries of Air India include Air India Charters Ltd, IAL Airport Services
Ltd, Airline Allied Services Ltd, Air India Engineering Services Ltd and Hotel
Corporation of India Ltd. The company is engaged in the business of providing
repairing, maintaining, servicing, refurbishing providing engineering services
of and for aircraft.06 crore in 2016-17.Industrial/Business operations of AIATSL
include rendering airport ground handling services, including passenger, ramp,
security and cargo handling for Air India. The stake sale plan follows the
decision of Finance Minister Arun Jaitley led ministerial panel in June to make
the airline competitive, but cutting down debt and raising resources by selling
land assets and other subsidiaries..Strategic sale of Air India Air Transport
Service (AIATSL), which provides ground handling services, is being planned as
part of the turnaround scheme for Air India which is reeling under a debt burden
of Rs 48,000 crore at end of March 2017.
While AIATSL earned Rs 61. The official
sources said strategic sale of AIATSL is in the works.The government had
originally proposed to offload 76 per cent equity share capital of the national
carrier as well as transfer the management control to private players.The Group
of Ministers (GoM) had decided to revive Air India after the governments offer
to sale 76 per cent stake in the airline failed to attract any bidder earlier
this year. AIATSL was incorporated in June 2003 with the objective of carrying
on the business of providing all types of services at airport. However, the
stake sale failed to attract any bidders when the bidding process got completed
on May 31.Besides, catering services provider AISATS — a 50:50 joint venture
between Air India and SATS Ltd — too posted profit of Rs 66.In June, the GoM
then decided not to go ahead with Air India stake sale in an election year.Under
the administrative control of Ministry of Civil Aviation, AIATSL is 100 per cent
subsidiary of Air India.New Delhi: The government is mulling strategic sale of
Air India subsidiary AIATSL to raise funds and dx
cooling unit help cut debt of the national carrier, according to official
sources.66 crore profit in 2016-17 fiscal, another subsidiary AI Express earned
Rs 297 crore as profit
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