Air India employees can now buy bids by paying rupees one lakh.
Air India has been on sale since 2017 and is currently at a debt of 60 thousand crores. It is now being sold to make up for it. This is the second time the government has tried to get rid of the debt incurring Maharaja. In 2018 no bids were received for the sale of this airline.
After that setback, the administration of current prime minister Narendra Modi worked to reduce some of the major stumbling blocks, the biggest being the huge debt load the airline had amassed after years of sustained losses. Earlier when the Air India sales was delayed, the employees were scared of being fired.
This time the employees of Air India come to the rescue. About 209 employees have teamed up with private equity firm InterApps Company of America and put forward rupees one lakh for the purchase of the bids. Mrs Meenakshi Malik, Commercial Director of Air India, is heading this group.
The bid closed on the 14th of December 2020 with several offers for the stake.
Earlier the enterprise had put forth 76% of its stake and a part of its debt for sale. This time round a complete 100% is up for bidding, including Air India Express and half of Air India SATS Airport Services.