The government will start Air India Roadshows in Singapore for the privatization of ailing state-run airline with Disinvestment. Secretary T.K. Pandey along with senior aviation ministry and Air India officials to brief the prospective buyers for complete stake sale in the airline.
Sources said Pandey will be in Singapore this week along with senior aviation ministry and Air India officials to meet prospective bidders, address their concerns on Air India debt position, employee issues, and start the roadshows.
There are possibilities now for Air India Expression of Interest to be floated this month after this meeting. The national carrier has a debt of Rs 57,000 crore and the bids will be invited for 100 percent stake.
Once the roadshows start, this will mark the start of privatization of Air India at the ground level, sources said.
Civil Aviation Secretary Pradeep Singh Kharola and Air India management have been discussing with the trade unions assuring them of security even after privatization. The unions are opposed to privatization fearing job losses.
As part of efforts to clean up the balance sheet of Air India before stake sale, around Rs 30,000 crore of its debt is proposed to be repaid by way of proceeds from the issuance of bonds by its special purpose vehicle, Air India Asset Holding Ltd (AIAHL).
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