Bird Group keen on buying Air India subsidiary

Share
Bird Group keen on buying Air India subsidiary

Bird Group has expressed interest in picking up stake in the troubled national carrier-Air India.

Finance Minister Arun Jaitley, who heads the Group of Ministers that is overseeing Air India's divestment, said they will make speedy decisions on the liquidation process.

Earlier, IndiGo said that it is interested in buying Air India's global operations. In FY16 Air India reported a net loss of Rs 3,643 crore.

The Group plans to put in the bid through its company which does ground handling activities and is looking at bidding for Air India's ground handling activities as a part of its normal growth. It does ground handling at seven airports - Delhi, Mumbai, Bangalore, Cochin, (concessioner at these four private airports) Ahmedabad, Goa and Gaya. The company is headquartered in New Delhi, and does ground handling at major Indian airports. It handles 700+ global and domestic flights per month at Delhi and Cochin.

Currently, Air India's portfolio of subsidiaries include Air India Engineering Services, Air India Transport Services, Alliance Air, Air India Express and the Hotel Corporation of India. It also has a ground handling joint venture AISATS.

With a pan-India presence, AIATSL is already the market leader in ground handling. It has not turned profit in 10 years, since at least the year 2007.

The national carrier is expected to report an operating profit of close to Rs 300 crore for FY17, up from Rs 105 crore in 2015-16.

Aviation secretary R.N. Chaubey says this is the second formal interest for Air India we have received.

When asked if foreign airlines are indeed barred from AI stake sale, Choubey said no FDI was allowed into the airline "as of now".

If the government were to indeed bar foreign airlines' participation in the disinvestment process for Air India, then it can immediately rule out participation of its favourite bidder, the Tatas.

In an unrelated development, "Air India-specific Alternative Mechanism" is slated to meet later in the evening on Wednesday.

"We are waiting for the disinvestment structure from the government". "This is one of the proposal made by the committee of secretaries", he said.

Share

Advertisement

Related Posts

US Second-Quarter GDP Revised Up To 3% From Initial 2
Residential investment fell by 6.5 percent, pulling back from really strong gains in both of the prior releases. Amid the tragedy of Hurricane Harvey , economists are estimating how it could impact third-quarter growth.

Anna Hazare criticises Narendra Modi government over Lokpal, warns of more agitations
After the written assurance of the central government on this proposal, I had postponed our agitation on August 28. You (Prime Minister) had assured the people of the country the priority of creation of corruption-free India.

Gold, silver trade lower on easing geopolitical tensions
As for other precious metals , silver for September delivery fell 1.5 cents, or 0.09 percent, to close at $17.426 per ounce. In the previous session, it hit the highest since November 9 at 1,325.94.

See who likes you on Tinder
According to Tinder: "Tinder Gold subscribers received more than 60% more matches after joining the paid experience". An example of deploying Tinder's Smart Photos algorithm.

White Nationalist Opened Fire At Crowd During Charlottesville Rally, Police 'Never Moved'
The group said it gave the video to the Federal Bureau of Investigation on 17 August, and to local police several days later. The man stops in his tracks, turns around, appears to yell, "Hey, nigger" before pointing his gun in Long's direction.

Siwan acid attack case: Patna HC upholds life imprisonment for Shahabuddin
Shahabuddin who is now lodged in Tihar jail is also facing trial in connection with the murder of senior journalist Rajdeo Ranjan. Former RJD MP Mohammed Shahabuddin's review petition in the Patna High Court in a double murder case has been rejected.

Girl, 2, critically injured after tree falls at Pasadena children's center
They are believed to have suffered minor injuries while they were cared for at Linda Vista, a non-profit child development centre. Three children were injured, one critically, when a tree fell at a Pasadena learning center Tuesday, firefighters said.

Rams DT Aaron Donald's Week 1 availability in doubt due to holdout
I know he's not trying to be selfish with his football team, but like anything else, he has to take care of him. I know how a football player thinks. "You want to get paid, because you do this for a living".

AT&T Helps Out With Harvey Recovery
In the new cities, AT&T said participants may include universities, hospitals, churches, restaurants, and other small businesses. The tests are meant to determine if fixed wireless wave spectrum can operate through foliage, buildings and bad weather.

Google announces three third-party speakers with Assistant, plus LG appliance integration
It has controls on the front, so you can adjust the volume and power it on, and there's even a mic button. The 8cm woofer is armed with dual voice coils for more robust bass, as well as a long reflex port.

© 2015 ExpressNewsline. All Rights reserved.