air India
air India

Centre clears decks for strategic sale of AI subsidiary

ANI | Updated: Nov 27, 2018 22:37 IST

New Delhi (India), Nov 27 (ANI): The Centre has cleared the decks for the strategic sale of Air India's ground handling subsidiary-Air India Air Transport Services Limited (AIATSL)-by deciding its 100 per cent disinvestment in ownership.
Ministry of Civil Aviation (MoCA) has decided to proceed with the strategic sale of AIATSL after a ministerial panel meeting on Tuesday. The meeting was attended by Union Finance Minister Arun Jaitley and Civil Aviation Minister Suresh Prabhu among others.
The proceeds from the sale of AIATSL would be used to pay off the debt of AI. Earlier the ministerial panel in June this year had decided to cut down debt and raise resources by selling land assets and other subsidiaries.
AIATSL was incorporated in June 2003 with the objective of carrying out the business of providing all types of services at the airport. Industrial and business operations of AIATSL include rendering airport ground handling services such as those pertaining to passenger, ramp, security, and cargo for Air India. (ANI)