The government on Monday announced sale of 100 per cent stake in debt-laden Air India as it issued the preliminary bid document for the strategic disinvestment with the deadline for submitting expression of interest set as March 17.
As part of the strategic disinvestment, Air India would also sell 100 per cent stake in low-cost airline Air India Express and 50 per cent shareholding in joint venture AISATS. AISATS is an equal joint venture between Air India and Singapore Airlines. It offers ground handling services.
Management control of the airline would also be transferred to the successful bidder. This is the second time in less than two years that the government has come out with proposal for selling stake in Air India, which has been in the red for long.