Cairn suit won’t hit AI sale: Minister

Financial bids likely to be received by September 15

Cairn suit won’t hit AI sale: Minister

Tribune News Service

New Delhi, July 22

The government today said the divestment of Air India is not likely to be affected by the legal actions initiated by Cairn and Devas overseas and it is expected that financial bids for 100% sale of government in the national carrier will be received by mid-September.

Minister of State for Civil Aviation Gen (retd) VK Singh said with the disinvestment process, the movable assets are proposed to be transferred to the new owner while immovable assets are being monetised to offset the debt.

Buyer to absorb Rs 23,286.5-crore debt

Of the airline’s total debt of Rs60,074 crore as of March 31, 2019, the buyer would be required to absorb Rs23,286.5 crore, while the rest would be transferred to Air India Assets Holding Ltd, a special purpose vehicle, stated the EoI

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