- To revive the loss-making airline, Air India has constituted five project teams headed by senior officials to deal with various aspects of the disinvestment.
- SBI Caps would help the carrier with disinvestment matters, including preparing business plans for subsidiaries that would be divested in a “time-bound manner”.
- The “disinvestment of Air India and its subsidiaries has commenced and the transaction adviser, legal advisor and asset valuer are in the process of being appointed”, as per the communication dated 18 November.
- “SBI Caps is being appointed to hand hold Air India during the divestment process,” the communication said.
- SBI Caps would prepare 3-5 year business plans for subsidiary companies to be divested, help obtain approvals from the consortium of banks for the transfer of real estate properties and other security.
- The airline is staying afloat on taxpayers’ money and the airline has a debt of over Rs50,000 crore.
