Govt. gives approval for Air India strategic disinvestment, appoints EY as transaction advisor

ANI | Updated: Mar 28, 2018 18:22 IST

New Delhi [India], Mar 28 (ANI): The government of India on Wednesday appointed Ernst & Young LLP India (EY) as its transaction advisor for advising and managing the proposed strategic disinvestment of national carrier, Air India (AI) by way of transfer of management control and sale of 76 percent equity share capital of the airlines held by the government.

This will also include AI's shareholding interest in the Air India Express Limited (AIXL) and Air India SATS Airport Services Private Limited (AISATS).

Air India inter alia holds 100 percent equity share capital of AIXL and 50 percent equity share capital of AISATS.

As on December 31 2017, AI's authorised capital is Rs 300 billion divided into 30,00,00,00,000 equity shares of Rs. 10 each and its paid up share capital is Rs. 267 billion divided into 26,75,30,00,000 equity shares held by the President of India.

Air India is one of the most extensive flight service providers in India with network coverage of about 93 destinations, around 54 domestic destinations with around 2,330 departures per week and around 39 international destinations with around 766 departures per week.

It offers 51 additional destinations through its secondary network of code share operations covered under 19 code share agreements with foreign carriers.

During FY 2017, Air India carried around 18.7 Mn passengers and recorded revenues of Rs. 221,777 Mn.

Air India has an operating fleet of 115 aircraft as on 31st December 2017, mainly comprising Airbus and Boeing aircraft such as A-319, A-320, A-321, B-747, B-777 and B-787 out of which 69 are owned / on finance lease, 24 are on sale and lease back model and balance are on operating lease. (ANI)

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