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Air India Disinvestment Takes Off: 10 Things To Know

Air India Disinvestment Takes Off: 10 Things To Know

Air India Disinvestment Takes Off: 10 Things To Know

Though the encouraging sign is that Air India's employee cost as a percentage of revenue is only 12%, one of the lowest amongst global airlines like Singapore Airlines (15%), British Airways (21%) and Cathay Pacific (20%).

"The permit that Saudi gave to Air India to fly over its territory to Israel is a global precedent", Eli Defes, the chairman of El Al's board, said in an interview last week at the airline's offices at Ben Gurion Airport.

The deadline for submissions is May 14 following which those successful applicants will be informed on May 28.

It has incurred huge losses but is surviving based on a bailout package of Rs 30,000 crore that began during the tenure of the UPA-2 government and which is continuing under the current NDA government.

As per the over 200-page-long document, the Centre proposes to carry out the the strategic disinvestment of AI by transferring management control and selling its 76 per cent equity share capital in the airline. The consortium can be along with a bank, venture capitalist, a financial institution or fund.

IndiGo, India's biggest airline, is the only company to publicly disclose a desire to buy Air India's airline operations - the most lucrative business that includes prime time slots at airports from NY to Heathrow, as well as bilateral rights to start flights to most countries.

AIESL mainly provides maintenance and overhaul of engines while AIATSL is into ground and cargo handling services. El Al has stated that Air India had been prioritized, which violates the basic principles of fair competition.

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In a move that could increase buyers interest in Air India, the government said only a part of the airline's debt would be passed on to the buyer.

Also, the government is reportedly planning to implement an employee stock ownership plan (ESOP).

Prime Minister Benjamin Netanyahu has also hailed the new Air India route as "historic".

The confirmed selected bidder shall abide by conditions set out in the RFP or the definitive documents to safeguard employees' interests, the memorandum said.

"The balance debt shall be allocated to Air India Asset Holding Ltd., which is 100 percent owned by the GOI subject to receipt of requisite approvals from lenders and regulators, as applicable".

Ernst and Young has been appointed as the transaction adviser.

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