Air India sale: Govt invites bids to appoint banks and lawyers to oversee disinvestment
Burdened by the debt amounting to more than Rs. 50,000 crore, the newly-appointed interim CMD said that steps would be taken to improve the efficiency of time, profitability and customer satisfaction.
As part of the disinvestment of Air India and its subsidiaries, the Ministry of Finance invited bids to appoint two financial advisors and one legal advisor to oversee the sale. The Union Cabinet and the Air India Board had approved to sell the carrier in June. Officials have said they want the process to offload all or parts of the airline by early 2018.
After the government announced privatisation of Air India, InterGlobe Aviation was one of the firms which showed interest in acquiring Air India in June. The government last month showed its intention to appoint “regular person” for the post of Chairman and Managing Director (CMD) of Air India and, on August 24, Rajiv Bansal was appointed as the interim CMD of Air India.
Burdened with an debt amounting to more than Rs. 50,000 crore, the newly-appointed interim CMD said that steps would be taken to improve the efficiency of time, profitability and customer satisfaction.
A former director in the civil aviation industry, Bansal was securing the post of Additional Secretary and Financial Adviser at the petroleum ministry prior to becoming the CMD of the national carrier.
News Source: indianexpress.com
You might also like
India Cruise Lines Association presents White Paper on “Recommendations for Indian Cruise Industry”
India Cruise Lines Association (INCLA), the only association of cruise lines in India, today presented a White Paper titled ‘Recommendations for the Indian Cruise Industry’ to Nitin Gadkari, Honorable Minister of
Indian arrivals jump 13% in September
International visitor arrivals to India continue to show double-digit growth. According to the latest data from the Ministry of Tourism, the country welcomed 615,000 overseas visitors in September 2016, up
Sumeet Suri is the new General Manager of JW Marriott Kolkata
Sumeet Suri has been appointed as the General Manager at JW Marriott Kolkata. Sumeet brings to the table a huge repertoire of knowledge and expertise in the dynamics of hotel management, administration and operations.
