Air India to lose profitable ground services subsidiary
The govt has come up with a plan to pay down some debt at financially strapped Air India -- auction off a ground services subsidiary to the private sector. Air India, saddled with INR500b (US$7.1b) of debt, has long been a burden to govt budget-makers, who throw it lifelines worth several tens of billions of rupees a year. The subsidiary, Air India Air Transport Services, remains profitable. India's govt last spring thought it had come up with a final solution for its troubled carrier -- auctioning off the entire Air India group. But no bidders stepped forward. Some companies, however, expressed an interest in acquiring the profitable ground support unit. Nov 28, local newspapers reported that a govt panel had decided to approve the plan to sell off the unit. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2018-12-04/star/air-india-to-lose-profitable-ground-services-subsidiary
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Air India to lose profitable ground services subsidiary
The govt has come up with a plan to pay down some debt at financially strapped Air India -- auction off a ground services subsidiary to the private sector. Air India, saddled with INR500b (US$7.1b) of debt, has long been a burden to govt budget-makers, who throw it lifelines worth several tens of billions of rupees a year. The subsidiary, Air India Air Transport Services, remains profitable. India's govt last spring thought it had come up with a final solution for its troubled carrier -- auctioning off the entire Air India group. But no bidders stepped forward. Some companies, however, expressed an interest in acquiring the profitable ground support unit. Nov 28, local newspapers reported that a govt panel had decided to approve the plan to sell off the unit. <br/>
