Government extends deadline of bidding submissions for Air India amid COVID-19 outbreak

In view of Coronavirus pandemic which has gripped country, Central Government on Tuesday extended deline for submitting bids till June 30 to buy a complete 100 per cent stake in Air India. deline was originally set for April 30. government h restarted disinvestment process of state-owned airline in January inviting bids for a 100 per cent equity in Air India, 100 per cent shareholding in AI Express Ltd and 50 per cent in Air India SATS Airport Services Private Ltd.

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'Requests received from interested bidders'

While extending date, Department of Investment and Public Asset Manment (DIPAM) in a tification said, “ changes are in view of requests received from IBs (interested bidders) and prevailing situation arising out of COVID-19."

Interested bidders for Air India are required to have a net worth of Rs 3,500 crore. Amid Coronavirus crisis, airline has been instrumental in rescuing stranded Indian citizens abro and bringing in medical requirements from or countries.

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government h tried to offlo debt on airlines in 2018 by inviting bids for a 76 per cent stake in airline. However, it was unsuccessful in inviting bids. Of total debt of Rs 60,074 crore as of March 31, 2019, buyer would be required to absorb Rs 23,286.5 crore, while rest would be transferred to Air India Assets Holding Ltd (AIAHL), special purpose vehicle.

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