Air India is being sold

Air India is being sold

India's flagship airline Air India, ready for sale. On Monday, the country's government announced the sale of all Air India stock. Such a decision was made only after the enormous loss was sustained.

Indian media NDTV has said that the airline's attempt to sell most of its stock in the first quarter to avenge the loss failed at an early stage and it has decided to sell the entire stake. The airline is in debt of around Rs 4,000 crore. Apart from this, thousands of crores of rupees are being wasted. Recently, the Indian government owns 100% of the airline's stock and is playing a subsidiary role.

Inviting the airline to buy, the government says that 100% of Air India shares will be sold. It operates on domestic and international routes.

Qualified buyers have been asked to submit a purchase order by March 5. Anyone who agrees to pay $ 120 million ($ 8.2 billion) in auction with other liabilities will own the airline. Successful bidders will be able to take control of 5,900 domestic landing and parking slots, 5,8 international slots in India and 5 slots at airports abroad.

Minister of State for Civil Aviation Hardeep Singh Puri said that whoever succeeds in the auction will continue to use the Air India brand. He also thinks Air India is a 'huge asset' with Air India Express.