The successful bidder would need to retain its stake in Air India and management control of the airline for at least three years, according to the government document.
The process is being monitored by Air India-Specific Alternative Mechanism headed by Finance Minister Arun Jaitley.
The Ministry of Civil Aviation has sought Expression of Interest (EoI) for the stake sale in the loss-making carrier and two of its subsidiaries.
The airline is under a massive debt burden of over Rs. 50,000 crore.
Modi's cabinet gave the go-ahead past year to sell the loss-making flagship airline after successive governments spent billions of dollars to keep it solvent. With its current domestic market share at just over 13 per cent, the government simply has no reason to stay invested in this so-called national carrier.
Even as the Air India has begun its thrice a week service to Tel Aviv in Israel flying over Saudi airspace, the national carrier El Al airline announced that it has approached Supreme Court terming it the deal to be unfair.
An open comparative bidding process will determine the new buyer and the disinvestment process is expected to be completed by December 2018.
Air India was founded in the 1930s and is known to generations of Indians for its Maharajah mascot.
Among other conditions, the selected bidder would be required to "lock-in its entire shareholding in Air India and in the special objective vehicle (in case investment in AI is made through a special goal vehicle by a consortium or otherwise), up to the expiry of 3rd anniversary of the consummation of the proposed transaction". "Slots can be utilized to take benefit of India's favorable geographic position in global air travel market and develop hub for worldwide operations".
So Prime Minister Narendra Modi will win plaudits by selling Air India Ltd., the national carrier, to a new controlling shareholder. Government of India (GoI) owns 100 per cent equity of Air India.
Despite this enormous task of turning around an airline which has accumulated losses of Rs 27,231 crore between 2012-13 and 2016-17, and even in 2016-17 posted a loss of Rs 5,765 crore on revenues of Rs 22,177 crore, there will be many that will be interested.
Besides IndiGo, aviation industry majors SATS, Bird Group and Celebi have shown interest but in buying Air India's ground handling unit.
This air mass will significantly drop temperatures by Friday and is also expected to kick off heavier snow for much of Montana. Those hoping for spring sunshine will be disappointed as temperatures will be lower than average and heavy rain is forecast.
CHINA FACTOR: The fears of worsening trade tensions eased after China's government said it is open to negotiating with Washington. In local currency terms, the UK's FTSE 100 remains the worst performing European index year-to-date, down 10.4%.
Always had to double check for Instagram posts, we were always checking on each other, you know, 'maybe don't post that. Discrimination is to such an extent that the cheerleaders have to leave a restaurant where a player turns up.
Authorities have refused to name the suspect but there are strong rumors that the perpetrators identity is being protected. Robert Ejnes, Executive Director of the umbrella group for French Jewish organizations, CRIF, told Hamodia that Mrs.
Uber has reportedly reached a settlement deal with the family of the victim that was killed by a self-driving auto in Arizona . Uber has been testing autonomous cars in San Francisco - with permits - for a year.
The officers' body cameras and a store surveillance camera also recorded the encounter, but those videos have not been released. The death of Alton Sterling was a tragedy that evoked deep grief and anger across Baton Rouge and Louisiana.
According to Uber in San Francisco, selling Southeast-based Uber is a measure to cut potential losses proposed by 2019. In China , Uber has sold off its local business to competitor Didi Chuxing , also taking a stake in the Asian firm.
If you have Easter travel plans this weekend, Friday and Saturday will be days to keep an eye on as we move throughout the week. The timing for this is still uncertain, but the best rain chances look to be more Monday morning than Easter Sunday for now.
Bird hit.190 last season but had eight homers and 25 RBIs in 29 games after he returned from the disabled list in late August. Austin at first, Wade at second. "We're not talking about a 35-year-old at the end of his career", Teixeira said.
Watson crushes Kisner to claim Match Play crown
Watson played 109 holes over seven matches, going to the 18th hole just once when he halved his match with Julian Suri on Friday. We Know What We've Seen Here: DJ's record* drive. "Keeping that trophy means so much to all of us and I want to play my part".
First direct flight from Australia to London touches down
Aviation consultant John Strickland said the launch of the flights is a significant moment for the airline industry. The aircraft has a vibrant livery based on the artwork Y am Dreaming by Indigenous artist Emily Kame Kngwarreye.
Tiffany Haddish Throws Gut-Wrenching Jabs at Mo'Nique
After Beyonce confirmed to Haddish that she had in fact been bit in the face, Haddish was ready to confront the actress. This included biting Beyonce , prompting the pop star to storm away, grab Jay-Z and head to the back of the room.
Bird Out 6-8 Weeks
Bird hit.190 last season but had eight homers and 25 RBIs in 29 games after he returned from the disabled list in late August. These two Freedom Tower giants led the major leagues in home runs last season with 59 and 52 dingers, respectively.