Government talks to nine firms over Air India sale

Tuesday, 30 Jan, 2020 0

Government officials had informal discussions with up to nine companies in a bid to test their interest in acquiring loss making Air India.

According to people with knowledge of the matter, officials met with representatives of India’s largest carrier IndiGo, SpiceJet Ltd. and Indian conglomerate Tata Sons Ltd, which operates airline joint ventures Vistara and India AirAsia.

British Airways parent company IAG was also approached.

A majority stake in Air India was offered for sale a year ago but failed to gain a single serious bid.

The government has since shifted much of its huge $8 billion debt pile but a successful bidder would still have to absorb about $3.2 billion debt.

This time the government is offering 100% ownership of the national flag carrier which includes about 100 aircraft and valuable airport slots including London Heathrow.

Aviation minister Hardeep Singh Puri has said Air India would have to close down if it fails to find a buyer this time.

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