Invites bids to divest 76% AI stake

Govt plans to sell 76% stake in Air India, cede management control

Delhi-Kolkata Air India flight grounded after hoax bomb call

"Maruti today is nearly a Rs 3-lakh crore company and it is Indian wealth and the same thing would happen in Air India", he said.

"This number shall be further adjusted to account for material business developments post March 31, 2017 for instance purchases/delivery of aircrafts etc". This means such an airline will effectively hold 38.76% in Air India as the government will be retaining a 24% stake in the airline.

The airline is under a massive debt burden of over Rs. 50,000 crore.

But all good things must come at a cost and in the case of Air India, the cost that the new owners pay will have to factor in the Rs 33,392 crore (roughly $5 billion) of debt and current liabilities that will remain on Air India Ltd's book.

The government plans to offload 76% equity share capital of the national carrier as well as transfer the management control.

According to the report, the government has stipulated that Air India's buyer has to list the airline on the stock exchanges three years after assuming management control.

Sinha also said that no central government in the world operates an airline and that handing Air India over to a professional team is necessary to restore its past glory, as well as to ensure its survival in a highly competitive world, which may not be possible within the government's framework.

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Air India Airlines, which was repeatedly going through losses, will have to sell its stakes to recover losses.

In June, the Union Cabinet had given in-principle approval for national-carrier Air India's stake disinvestment.

After the Air India office at Delhi Airport received bomb threat call on Wednesday, an Air India Dreamliner has been taken to the remote bay for thorough security checks.

Along with IndiGo, aviation industry majors SATS, Bird Group and Celebi have shown interest in buying Air India's ground handling unit.

"There can be no fair competition between an airline that can fly directly from destination to destination and an airline that is forced to use longer routes because of discrimination based on nationality", spokesperson Ran Rahav said.

India's biggest airline, IndiGo, has expressed unsolicited interest in.

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