The government plans to complete the sale of Air India ground handling subsidiary AIATSL by March 2019, an official said.
Air India is reeling under a huge debt burden of over Rs 50,000 crore and the government is planning to sell its non-core subsidiaries of the national carrier.
"We are looking to conclude strategic sale of Air India Air Transport Services Limited (AIATSL) in current fiscal. We will soon invite bids from merchant bankers for managing the sale process," the official told PTI.
The sale proceeds would add up to the government's disinvestment kitty. The government has so far has raised over Rs 15,200 crore from CPSE stake sale in current fiscal as against the budgeted target of Rs 80,000 crore.
The government is launching a follow on public offer of CPSE Exchange Traded Fund (ETF) on November 27, targeting to raise up to Rs 14,000 crore.
As part of its plans to take forward the strategic sale of non-core assets of CPSEs, the Department of Investment and Public Asset Management (DIPAM) has already identified assets of loss making Air India which are to be hived off.
As per latest data, in 2016-17, two subsidiaries of Air India - AIATSL and Air India Express Ltd - posted profits.
25/11/18 PTI/Business Today
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Air India is reeling under a huge debt burden of over Rs 50,000 crore and the government is planning to sell its non-core subsidiaries of the national carrier.
"We are looking to conclude strategic sale of Air India Air Transport Services Limited (AIATSL) in current fiscal. We will soon invite bids from merchant bankers for managing the sale process," the official told PTI.
The sale proceeds would add up to the government's disinvestment kitty. The government has so far has raised over Rs 15,200 crore from CPSE stake sale in current fiscal as against the budgeted target of Rs 80,000 crore.
The government is launching a follow on public offer of CPSE Exchange Traded Fund (ETF) on November 27, targeting to raise up to Rs 14,000 crore.
As part of its plans to take forward the strategic sale of non-core assets of CPSEs, the Department of Investment and Public Asset Management (DIPAM) has already identified assets of loss making Air India which are to be hived off.
As per latest data, in 2016-17, two subsidiaries of Air India - AIATSL and Air India Express Ltd - posted profits.
25/11/18 PTI/Business Today
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