Indigo shareholders bring stocks down 3% as company explores Air India bid

Indigo shareholders bring stocks down 3% as company explores Air India bid

Indigo shareholders bring stocks down 3% as company explores Air India bid

Low-priced airline carrier Indigo is among the firsts to submit expression of interest in buying Air India, which is facing huge losses.

"There was a proposal of civil aviation ministry of disinvestment of Air India, this has been given theoretical approval or an in-principal approval", said Jaitley.

This announcement comes amid debates regarding privatisation of Air India.

A group will be set up to finalise the modalities/details of disinvestment of Air India, including the quantum of stake sale, he said.

Reports on 29 June said IndiGo, India's biggest budget airline, had expressed interest in buying a stake in Air India. The market share for the domestic airlines is around 14% and for the worldwide is just over 17% as of now.

Another employees union, Air Corporation Employees Union, is planning to seek an appointment with the Prime Minister's Office.

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Once the country's monopoly airline, Air India has lost market share to new low-priced private carriers. Tata Airlines became a public limited company under the name Air India.

While the airline is striving hard to revive itself from the heavy burden of a monumental United States dollars 8 billion debt, issues such as the amalgamation of Air India and Indian Airlines, the demand for fleet expansion to address new domestic and global routes and a decade-long loss makes the airline an investment asset that inspires weariness and apprehension.

He said its losses were down from Rs 3,900 crore to Rs 3,300 crore. That means the government will have to write-off a larger portion of the debt in order to make the airline attractive for investors.

Others said the current right-wing administration, India's first one-party government in 30 years which touts itself as business-friendly, was well-placed to achieve a sale. "I am convinced that Air India can't be revived or survive in its current state".

Air India has threatened to discontinue post-retirement benefits for former employees who "tarnish the image of the company by posting negative remarks on social networking sites like Twitter, Facebook and WhatsApp, and also electronic and print media". "Its fleet, brand, market share, airport slots and institutional knowledge has untapped potential", said Amber Dubey, partner and India head of aerospace and defence at global consultancy firm KPMG.

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