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Devendra Fadnavis tests positive for COVID-19

Former Maharashtra chief minister and BJP leader Devendra Fadnavis tests positive for COVID19.
The Economic Times
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| 24 October, 2020, 02:56 PM IST | E-Paper
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    SEARCHED FOR:AIR INDIA DISINVESTMENT

    Gautam Adani's conglomerate mulls bidding for Air India

    According to highly placed sources, the group has held internal rounds of deliberations on whether or not to submit an Expression of Interest and that the discussions are still in the preliminary stage.

    Trade unions term disinvestment policies anti-farmer, anti-people

    In the memorandum, the unions have reiterated their opposition to disinvest...

    Government extends time till March 6 for bidders to pose queries on Air India sale

    The last date for submission of written queries on PIM and...

    • Air India has unveiled a "shorter working week scheme" for some staff in a bid to improve its cash flow position.

      In December, Air India chief told the ministry that the carrier's financial situation was "grossly untenable" for sustaining operations. Thus, the ministry asserted on Twitter,"MoCA reiterates that the Government, while going ahead with the disinvestment, would ensure that Air India continues to operate uninterruptedly and improves its operations also."

      The outbreak, which has infected over 95,000 people and resulted in more than 3,200 deaths worlwide, is taking a toll on the global airline industry, especially due to travel restrictions. Against this backdrop, IATA Chief Economist Brian Pearce said, "I think it is going to be very difficult times for the (Indian) airlines".

      Various Air India employee unions will meet here on Monday to discuss proposed privatisation of the debt-laden airline, sources said.

      As the government proceeds towards its plan to divest stake in Air India, it has cancelled the proposed divestment of Air India Transport Services Limited (AIATSL), the profitmaking ground-handling subsidiary.

      Generally, access to all data records and draft share purchase agreement (SPA) are provided to bidders put in their interest after the preliminary information memorandum stage. The govt on Monday came out with the PIM for 100% disinvestment of debt-laden Air India as well as sale of Air India Express and 50% shareholding in equal joint venture AISATS.

      The government has decided to sell its entire 100 per cent stake in Air India under the proposed disinvestment process, Union minister Harde...

      The government has already invited bids for strategic sale of national carrier Air India and oil major BPCL. However, their bid deadlines have been extended a couple of times on account of pandemic. For BPCL, the deadline has been extended till July 31. For 100 per cent stake sale in Air India, the deadline for bid submission is now August 31.

      This would be the second extension in the deadline to submit bids for Air India since the government initiated the process of stake sale in the debt-ridden national carrier on January 27. Initially, the bid submission deadline was March 17, which was extended to April 30 in view of the requests from interested bidders (IBs) and situation arising out of coronavirus.

      Speaking at a press conference here, Puri said that while his ministry is the nodal ministry for aviation, he was not in charge of disinvestment. "Air India is a first class airline, but there are no two views that privatisation has to be done. We are not slaves of certain deadlines; we are trying to do it (disinvestment) as quickly as possible," he said.

      In its RTI response provided on Wednesday to Commodore Lokesh Batra (retd), who sought to know the latest data on outstanding bills of Air India, the carrier said as on November 30, 2019, Rs 822 crore were pending towards VVIP charter flights. It also said an additional Rs 9.67 crore towards evacuation operations and Rs 12.65 crore towards ferrying foreign dignitaries were also pending.

      The government invited bids for a 100% stake in Air India, aiming to finalise a sale of the loss making national carrier by the end of March, after having sweetened the deal by absorbing about two thirds of its debt.

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