Air India, the National Carrier of India, offers connections to over 70 international and 100 domestic destinations. But the good times are about to get dis-invested. The government of India’s Aviation Administration has announced 100 per cent disinvestment. The bid has to come within 64 days as per the terms laid by the aviation ministry.
“In the last meeting, on Monday, it was decided that the shortlisted bidders (for Air India disinvestment) be informed that the bids have to come in within 64 days…This time the Govt is determined and there is no hesitation” Civil Aviation Minister Hardeep Singh Puri aid.
“We’ve decided that Air India will be 100% disinvested. The choice isn’t b/w disinvestment & non-disinvestment, it’s b/w disinvestment & closing down. Air India is a first-rate asset but has an accumulated debt of Rs 60,000 Cr. We need to draw the slate clean” Civil Aviation Minister announced.
National carrier Air India Ltd narrowed its losses during Financial Year 2020 (FY) to ₹7,770 crores down from a loss of ₹8,470 crores for the preceding year, according to Bloomberg. The airline’s operational revenue stood at ₹27,710 crores during FY20, up from ₹25,570 crores from the previous year.
