The government on Wednesday shelved a plan to sell a 76 per cent stake in the debt-laden carrier due to lack of interest from bidders.
The government has decided not to go ahead with Air India stake sale in an election year and will provide required funds for its operations, a senior official said today.
Air India is desperately seeking a Rs 1,000 crore short-term loan to run its day-to-day operations. The airline has already held back salaries of its 11,000 employees for three consecutive months.
The unions, which have been opposing the sale of Air India are rejoicing. “No bids at the end of the day. Victory for Joint Forum in our endeavour of save AI,” a leader said.
The central government might not sell its stake in the ongoing divestment process of the national passenger carrier Air India, if bids do not meet a minimum threshold value or floor price estimated for the airline.
Air India might even shut-down, if its ongoing divestment programme fails due to the terms and conditions set in its 'Express of Interest' (EOI) document. According to aviation consulting firm CAPA India.
The civil aviation ministry has extended the deadline for submitting expressions of interest (EoIs) for Air India by a fortnight to May 31 and has decided to allow shortlisted bidders to change partners.
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