Govt issues preliminary information memorandum on AirIndia disinvestment; proposes to sell 76 per cent stake. Ernst & Young LLP India has been appointed as transaction advisor by GoI for advising and managing the proposed strategic appointed as transaction advisor.
The divestment is to be carried out through the open competitive bidding process.
The government will retain a 24 per cent stake in Air India and Air India Express as part of the divestment of its stake in the state owned airline. The government also proposes divesting 50 per cent of its stake in Air India Sats Airport Services. The process is expected to be completed by December this year.
Finance Minister Arun Jaitley in his Budget speech had spoken about the privatisation of Air India. The government has stipulated a net worth criterion of Rs 5,000 crore for parties interested in bidding for Air India.
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