National Aviation lines up ESOPS, plans IPO

New Delhi: The National Aviation Company India (NACIL), formed after the merger of Air India and Indian, is going to announce ESOPS for all its employees soon. The company plans to offload more than 5% shares for its employees after which it plans to tap the capital market with an initial public offer.
Confirming the move, Union civil aviation minister Praful Patel told ET: "We have to make NACIL one of the most profitable carriers in the international market. In a two-phase financial restructuring, we will first give ESOPS to all our employees.
In the second phase, we plan to come out with an IPO and advisors are already working out the details. Although exact modalities have not been worked out yet, we will be looking at tapping the capital market early next year."
In fact, after the ESOPS, NACIL also intends to give incentives to its employees on the basis of performance. This apart, the company plans to build two maintenance, repair and overhaul (MRO) facilities for its aircraft in Nagpur and Delhi.
09/09/07 Raja Awasthi/Economic Times

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Categories: Air India - International Sep 2007, Air india Budget Sep 2007, Air India Domestic Sep 2007, Air India Regional Sep 2007, NACL Sep 2007