New Delhi has launched another bid to privatise its struggling national carrier, Air India, after failing to secure any bids for a majority share two years ago.
The government announced that it intends to sell its entire stake in the debt-crippled carrier. On Monday the civil aviation ministry released a document inviting bids for a 100 per cent stake, setting March 17 as the deadline for initial submissions. Potential buyers would have to assume around 232.87 billion rupees (US$3.26 billion / S$4.3 billion) in debt plus other liabilities.
Substantial ownership and effective control of the airline must remain with an Indian entity, the government also said.
The latest offer should garner significant response partly because it involves a clean exit by the government, Reuters quoted CAPA aviation consultancy India head Kapil Kaul.
“As the entire debt excluding aircraft debt is taken out of the deal, it signals a very determined effort to exit Air India to allow taxpayers’ funds be utilised for the government’s social agenda,” a Reuters report stated Kaul statement.
The government in 2018 tried to sell 76 per cent of Air India and offload about US$5.1 billion of its debt. The airline has been struggling to pay salaries and buy fuel, with officials recently warning that it would have to shut down unless a buyer was found.
SriLankan Cargo, the freight division of SriLankan Airlines, has partnered with digital freight solutions provider CargoAi to enhance its airfreight…
Northrop Grumman has signed an agreement for access and use of NVIDIA AI software to accelerate development of some of…
The U.S. Army has awarded Lockheed Martin a $451 million contract to recapitalize additional M270 systems expanding its domestic fleet…
Japan Airlines announced the unveiling of a captivating special livery on its Boeing 787-8 aircraft (registration JA823J) for its international…
Airbus Defence and Space, leading the Eurodrone programme, has concluded the Preliminary Design Review (PDR) milestone. This achievement, overseen by…
Gauzy, a company specializing in vision and light control solutions, is gearing up to unveil its latest innovations at the…
The German Heron TP (GHTP), developed by UAV PEO at the Directorate of Defense Research and Development at the Israeli…
AirFi announced its partnership with United Enterprise (UE) to establish AirFi China, located at Baiyun International Airport in Guangzhou, China.…
The Royal Thai Navy (RTN) is likely to accept the continuation of the S26T submarine project with Chinese CHD 620…
The Indonesian Air Force (TNI Angkatan Udara / TNI AU) received its fifth and final C-130J Super Hercules aircraft at…
The all-new Gulfstream G700 has received European Union Aviation Safety Agency (EASA) type certification, following the aircraft's Federal Aviation Administration…
The President of the Philippines, Ferdinand Marcos Jr., has confirmed that South Korea's Hyundai Heavy Industries (HHI) is entering Subic,…
The Indonesian Navy (TNI AL) has dispatched 1,380 personnel to partake in the Cooperation Afloat Readiness and Training 2024 (CARAT…
The 737 MAX series aircraft has been added to its Dothan, Alabama MRO facility certification, Commercial Jet Services has said.…
Korean Air has been recognised for its food and beverage service by Global Traveler in the magazine’s 2024 Leisure and…
Fokker Next Gen, a liquid hydrogen powered commercial aircraft manufacturer that plans to produce aircraft both in the Netherlands and…
Sanad, wholly owned by Abu Dhabi’s Mubadala Investment Company PJSC (Mubadala), has unveiled a strategic transaction between itself and CFM…
Azzera, Inc. has been selected by Pratt & Whitney to supply carbon credits for Pratt & Whitney Canada’s Carbon Offset…
The Indonesian Navy (TNI AL) is planning a procurement program for interim submarines to augment its fleet while awaiting the…
Calian Group Ltd., a diversified company specializing in healthcare, communications, learning, and cybersecurity products and services, has completed the acquisition…
Vietjet announces a series of special promotions aimed at travellers seeking summer adventures. The airline offers discounted tickets and daily…
EDGE Group has inked a contract valued at USD 27 million (AED 99 million) with Indonesian state-owned enterprise PT Pindad…
LanzaJet, Inc., a sustainable fuels technology company and producer, today announced the appointment of Doreen Pryor as Chief Financial Officer…
Transport Canada Civil Aviation has recently granted type certification to Pratt & Whitney Canada (P&WC) PW545D engine, marking an important…
Airbus Helicopters and Babcock have secured a contract to provide support for 48 EC145s operated by the French Ministry of…
The Indonesian Navy (Tentara Nasional Indonesia Angkatan Laut / TNI AL) recently launched two Pari-class patrol vessels. Constructed by PT…
A delegation from the Royal Malaysian Air Force (Tentera Udara Diraja Malaysia / TUDM) is reportedly set to engage in…
VARD, a subsidiary of the Fincantieri Group based in Norway, secured a contract to construct two Commissioning Service Operation Vessels…
Leonardo announced the finalization of an agreement to sell its Underwater Armaments Systems (UAS) division to Fincantieri on Thursday. “The…
General Atomics Aeronautical Systems, Inc. (GA-ASI) is partnering with Shift5 to integrate the company’s onboard cyber anomaly detection and predictive…
Headquartered in Singapore with reporters spread across all major regions, GBP Aerospace & Defence is a leading media house that publishes three publications that serve the aerospace and defence sector - Asian Defence Technology, Asian Airlines & Aerospace and Daily News. Known industry-wide for quality journalism, GBP Aerospace & Defence is present at more international tradeshows and exhibitions than any other competing publication in the region.
For over three decades, our award-winning team of reporters has been producing top-notch content to help readers stay abreast of the latest developements in the field of commercial aviation, MRO, defence, and Space.
Copyright 2024. GBP. All Rights Reserved.
Home Defence & Security Space Commercial Aviation Maintence Repair & Overhaul Daily News Events About Us
2024 GBP all rights reserved.