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On November 27, a ministerial panel approved a proposal for the strategic sale of Air India's ground handling subsidiary, AIATSL, said one official.
This approval comes as the government was working to revitalize the fate of Air India, estimated to have a debt burden in excess of Rs 50,000 crores, including the sale of non-core badets.
"The alternative mechanism approved the declaration of interest, as well as the preliminary information memorandum of Air India Air Transport Services Limited (AIATSL)" The proceeds from the sale of AIATSL would be used to repay part of Air India's debt.
The alternative mechanism of disinvestment of Air India, led by the Minister of Finance, Arun Jaitley, has decided to proceed with the strategic sale by selling its stake to 100% in AIATSL, added the manager.
Jaitley and the Minister of Civil Aviation, Suresh Prabhu, attended the meeting. 659002] The sale would take place after the transfer of AIATSL on a special purpose vehicle (SPV), which has already been incorporated, said the official.
The statement of intent document will be published after the transfer of AIATSL to the SPV.
in 2016 -17, AIATSL earned a profit of 61.66 billion rupees.
AIATSL was incorporated in June 2003 to provide all types of airport services. AIATSL's industrial and commercial operations include the provision of ground handling services at airports, such as those relating to pbadengers, ramps, security and cargo transportation for Air India. by reducing debt and mobilizing resources by selling land badets and other subsidiaries.
The ministerial group decided to relaunch Air India after the government's proposed strategic bid failed to attract bidders earlier this year.
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