Debt-ridden Air India Is All Geared Up For Sale, Anticipating Buyer by June 2018

New Delhi: The government has fully waited on the privatization of Air India, which is under debt. The government anticipated that the process of privatization of Air India will be completed by the end of this year. Also, Thegovernment anticipate that all the bidding process to be completed by June-2018.  Minister of Civil Aviation Jayant Sinha said on Friday that the burden of debt will be offered to the suburban aviation company for sale as 'four different units'. The private sector player will have at least 51 percent stake in the airline. Air India, currently under the debt burden, is currently running on the taxpayers' money.

The Minister also said that an information memorandum will be released for the proposed strategic disinvestment of Air India in the next few weeks. There will be details of different aspects in it. It will be told what will be available for the bid, which assets will be sold and which government will remain. Sinha said that we hope the buyer company ( (Higest bidding) can be known by the end of June. This deal will be completed legally in this calendar year of 2018.

The interest letter for Air India's disinvestment has been given by the budget airline Indigo and a foreign airline. However, the minister did not reveal the name of the foreign company. Last year, for the revival of the crisis-ridden airline, it had decided to strategic disinvestment and a Group of Ministers was formed under the leadership of Finance Minister Arun Jaitley. The minister will decide the manner in which the group will sell stake.

Sinha said, "We are privatizing Air India. This means that more than 51 percent of Air India's equity will be transferred to the private sector. We are transferring control to the private sector. This means that the government will have ownership of 49 percent or less. He said that Air India will be transferred to private sector like British Airways, American Airlines, Lufthansa and Quantas.