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India to sell shares of former Air India’s subsidiaries

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The Indian government is planning to sell its shares in Air India’s former subsidiaries in FY25, according to Tuhin Kanta Pandey, secretary of the department of investment and public asset management.

However, the privatization of Container Corporation of India is not expected to progress soon. The subsidiaries under consideration for divestment include Air India Air Transport Services Ltd, Airline Allied Services Ltd, Air India Engineering Services Ltd and Hotel Corporation of India Ltd.

“The Air India subsidiaries can be taken up for disinvestment, they’re part of the ongoing (pipeline),” Pandey was quoted as saying by Mint on Sunday.

The government has previously held road shows for divestment of Air India Engineering Services Ltd and approved the divestment process last year. These assets are held by Air India Assets Holding Ltd., a special purpose vehicle instituted in 2019 to hold the non-core assets and debt of Air India.

On January 27, 2022, Tata Sons acquired a 100 per cent stake in Air India through its fully-owned subsidiary Talace Private Limited. Later, it said that Air India and Vistara shall be merged into a single entity, likely to be completed by March 2024. Singapore Airlines will have a 25 per cent stake in this entity.

Apart from this, Air India Express and Air Asia India shall also be merged for creating a single low-cost airline. In order to achieve this goal, the Tata Group made a massive transformation plan for the airline and also for increasing its fleet size. (www.businesstoday.in)

The post India to sell shares of former Air India’s subsidiaries appeared first on DailyNews.

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