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Business News

Apr 10, 2018
6:43PM

Jet Airways opts out of Air India disinvestment process

Jet Airways today said it would not be participating in the Air India disinvestment process, becoming the second domestic airline after IndiGo to make such a decision in less than a week. 

The ambitious strategic stake sale of loss-making Air India as well as its two subsidiaries seem to be hitting air pockets with the two potential bidders deciding to keep away citing the contours of the process. 

Kicking off the disinvestment process, the government has come out with a detailed preliminary information memorandum, detailing plans to offload up to 76 per cent stake in Air India and transfer the management control to private players.

Naresh Goyal-led Jet Airways' statement today comes less than a week after no-frills carrier IndiGo aborting plans to acquire Air India's international operations.

IndiGo was the first to evince interest in Air India disinvestment when the government had mooted the plan last year.

The last date for submission of Expression of Interest (EoI) is May 14 and intimation to the qualified interest bidders would be made on May 28.

The national carrier is staying on taxpayers' money under the turnaround plan approved by the previous UPA government in 2012.

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