Along with a 76 per cent stake in Air India — with a fleet of 115 aircraft and over 2,500 prime international slots in markets including the US, UK, Europe, Southeast Asia and West Asia — the government, as per a preliminary information memorandum (PIM) issued on Wednesday, will also package Rs 33,392 crore of debt and liabilities of Air India and Air India Express.
Laying the ground rules for potential bidders, the government has mandated that the successful purchaser cannot sell the shares or cede management control for at least three years from the date of consummation of the transaction.
As of March 31, 2017, Air India and Air India Express had a total debt of Rs 51,379.60 crore.
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