Air India’s disinvestment likely to complete within the next 10 weeks: Govt

Air India’s disinvestment likely to complete within the next 10 weeks: Govt

Air India’s exercise is likely to complete within the next 10 weeks and only necessary revenue and capital expenses should be carried out till then, Civil Aviation Secretary Rajiv Bansal said on Thursday.

Bansal, who also holds the charge of Chairman and Managing Director of Air India, in an order said the airline’s process is in its final stages and letter to intent has been already issued to the

“It is important to note that all revenue or capital expenses be carried out only to the extent necessary for the continuity of business till the exercise is complete, which is likely to happen within 10 weeks or so,” he said.

No fresh contract should be signed without the prior consent of Director Finance or the CMD, he stressed.

“As far as possible, the validity of the same may not be beyond March 31, 2022. If the validity is beyond March 31, 2022, it should have a termination clause,” Bansal said.

On October 8, the Centre announced that Talace Private Limited, a wholly-owned subsidiary of Tata Sons, has beaten a consortium led by SpiceJet promoter Ajay Singh by offering Rs 18,000 crore to win the bid to acquire debt-laden

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link