{"id":224602,"date":"2020-01-27T19:30:19","date_gmt":"2020-01-27T14:00:19","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=224602"},"modified":"2020-01-27T17:19:52","modified_gmt":"2020-01-27T11:49:52","slug":"disinvestment-of-air-india-preliminary-information-memorandum-for-strategic-disinvestment-of-air-india-issued","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/27\/disinvestment-of-air-india-preliminary-information-memorandum-for-strategic-disinvestment-of-air-india-issued\/","title":{"rendered":"Disinvestment of Air India | Preliminary Information Memorandum for Strategic Disinvestment of Air India issued"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Hardeep S. Puri, Minister of State (I\/C), Ministry of Civil Aviation<\/strong> informed that the <strong>newly constituted Air India Specific Alternative Mechanism<\/strong> (AISAM), headed by Hon\u2019ble Home Minister and comprising of Union Ministers of Commerce &amp; Industry, Finance &amp; Corporate Affairs and Civil Aviation, as members, has approved the release of the <strong>Preliminary Information Memorandum (PIM)<\/strong> for inviting Expression of Interest (EOI) from the Interested Bidders (IBs) for <span style=\"color: #008000;\">Strategic Disinvestment of Air India<\/span>.\u00a0 He informed that the Government has released the PIM for seeking EOI for strategic disinvestment of Air India.<\/p>\n<p style=\"text-align: justify;\"><em>Addressing the Media, Shri Puri informed<\/em> that Air India along with Air India Express has 146 aircraft in its fleet, 82 of which are owned by it; have worldwide bilateral rights and spread over domestic as well as international slots and added that during 2018-19, both Air India and Air India Express carried around 26.2 million passengers. Air India and Air India Express have an average aircraft age of 8 years which is among the youngest fleet. 27 Boeing-787 with Air India are as young as 5 years and 27 Airbus-320 Neo (CFM engines) are as young as 2 years. Air India and Air India Express have almost 51% share of the international traffic to\/from India among Indian carriers and 18 % share including global carriers (ex-India).<\/p>\n<p style=\"text-align: justify;\">Pointing out that Air India has coverage of 98 destinations with 56 domestic and 42 international destinations, Shri Puri informed that Air India offers 75 additional destinations through its secondary network of code share operations.\u00a0 Air India and Air India Express have combined revenue of Rs. 30,632 crore in 2018-19, which is the highest among Indian carriers.\u00a0 Air India + Air India Express employee cost as % of revenue is about 11% which is comparable to Indian carriers and much lower to International carriers.\u00a0 AISATS provides in-house ground handling facilities at key metro airports \u2013 Delhi, Bengaluru, Hyderabad, Thiruvananthapuram and Mangalore.\u00a0 Even after infusion of about Rs. 30,500 crore as per Turn Around Plan since 2012, Air India has been running into losses year after year.\u00a0 Due to its accumulated debt of about Rs.60,000 crore, its financial position is in a very fragile condition.<\/p>\n<p style=\"text-align: justify;\"><strong>A few of the key decisive parameters in the current PIM include:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Transfer of management control and sale of 100% shares of Air India along with Air India\u2019s 100% stake in its subsidiary, Air India Express Limited and 50% stake in a joint venture, AISATS.<\/li>\n<li>Freezing of Debt in Air India at Rs.23,286.5 crore which is approximately equivalent to the Written Down Value (WDV) of combined assets of Air India and Air India Express.<\/li>\n<li>The liabilities to be retained in Air India will be equal to certain current and non-current assets. Considering the combined figures as on March 31, 2019, the liabilities retained would be Rs 8771.5 crore.<\/li>\n<li>The remaining debt and liabilities of Air India and Air India Express will be allocated to SPV (Air India Assets Holding Limited).<\/li>\n<li>The contingent liabilities related to statutory dues and Government dues will be indemnified by Government.<\/li>\n<li>The contingent liabilities due to retired employees will be clarified at the RFP stage.<\/li>\n<li>Corporate guarantees given by Air India on behalf of Alliance Air will not be passed to new investor.<\/li>\n<li>Land and buildings at Delhi, Mumbai airports and Corporate Office which are core assets for running the airline will be given to new investor on right to use basis for a limited period.<\/li>\n<li>Government has committed to pay certain employees\u2019 related dues before the closing of transaction.<\/li>\n<li>The bidding structure on forming the Consortium has been eased as compared to last round of bidding.<\/li>\n<li>The financial capability of prospective investors has also been made more attractive such as lowering of Net Worth criteria to Rs. 3,500 crore, and Net Worth qualification of investor based on strength of its Affiliate.<\/li>\n<li>Individual member must have at least 10% share in the consortium i.e. a net worth or ACI of Rs.350 crore. The scheduled Indian commercial operator(s), however, with zero or a negative net worth are eligible to be a member of the consortium provided they have a shareholding of &lt;=51%.<\/li>\n<li>Air India with new investors will continue using the \u2018Air India\u2019 brand.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><u>Employees related issues<\/u><\/strong><\/p>\n<ol start=\"5\">\n<li style=\"text-align: justify;\">The total employee strength of the two companies is 17,984, out of which 9617 are permanent employees. Approx 36% of the permanent employee will be retiring in the next 5 years.<\/li>\n<li style=\"text-align: justify;\">AISATS has 11958 contractual employees and 399 employees are deployed from Air India and other subsidiaries.<\/li>\n<li style=\"text-align: justify;\">Employees\u2019 dues of about Rs. 1383.70 crore on account of Justice Dharmadhikari Commission\u2019s recommendation on past arrears will be paid by the Air India Assets Holding Limited (AIAHL) \u2013 the SPV before the closing of the proposed transaction.<\/li>\n<li style=\"text-align: justify;\">Provision for Rs. 207.63 crore towards wage arrears accruable to employees working on Narrow Body fleet has been made in the books of account of Air India. The treatment of this liability may be provided at the RFP stage.<\/li>\n<li style=\"text-align: justify;\">3% of equity shares of Air India to be offered to the permanent employees of Air India as ESOP.<\/li>\n<\/ol>\n<hr \/>\n<p><strong>[Source: PIB]<\/strong><\/p>\n<p><strong>Ministry of Civil Aviation<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Press Release dt. 27-01-2020]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hardeep S. Puri, Minister of State (I\/C), Ministry of Civil Aviation informed that the newly constituted Air India Specific Alternative Mechanism (AISAM), <\/p>\n","protected":false},"author":8808,"featured_media":224603,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[5011,39356,39202],"class_list":["post-224602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news","tag-air-india","tag-preliminary-information-memorandum","tag-strategic-disinvestment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Disinvestment of Air India | Preliminary Information Memorandum for Strategic Disinvestment of Air India issued | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/27\/disinvestment-of-air-india-preliminary-information-memorandum-for-strategic-disinvestment-of-air-india-issued\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Disinvestment of Air India | Preliminary Information Memorandum for Strategic Disinvestment of Air India issued\" \/>\n<meta property=\"og:description\" content=\"Hardeep S. 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Patel, CJ and Jyoti Singh, J., dismisses Dr Subramanian Swamy's plea stating that any delay in the process of disinvestment of Air India would cause loss to public exchequer, besides creating uncertainty amongst the existing employees. Factual Matrix The process of disinvestment\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":226522,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/04\/cabinet-approves-the-foreign-direct-investment-policy-on-civil-aviation\/","url_meta":{"origin":224602,"position":1},"title":"Cabinet approves &#8212; Foreign Direct Investment policy on Civil Aviation","author":"Bhumika Indulia","date":"March 4, 2020","format":false,"excerpt":"To permit foreign investment upto 100% by those NRIs, who are Indian Nationals, in case of M\/s Air India Ltd., the Union Cabinet approved to amend the extant FDI Policy to permit Foreign Investment (s) in M\/s Air India Ltd by NRIs, who are Indian Nationals, upto to 100% under\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/12\/FDI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/12\/FDI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/12\/FDI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/12\/FDI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/12\/FDI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":288004,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/27\/without-following-due-process-of-law-recovery-of-penal-rent-from-the-employees-of-air-india-limited-who-occupy-air-india-colony-is-unlawful-delhi-high-court\/","url_meta":{"origin":224602,"position":2},"title":"Recovery of penal rent from Air India employees for occupying Air India Colony held unlawful: Delhi High Court","author":"Simranjeet","date":"March 27, 2023","format":false,"excerpt":"The Delhi High Court held that without following due process of law, no penal rent could be deducted from the salaries of the employees of Air India Limited who failed to vacate the allotted accommodation.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Delhi High Court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-472.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-472.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-472.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-472.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":257652,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/11\/25\/disinvesting-of-hindustan-zinc-ltd-sc-smells-irregularities-in-bidding-process-directs-full-fledged-cbi-enquiry-in-the-matter\/","url_meta":{"origin":224602,"position":3},"title":"Disinvesting of Hindustan Zinc Ltd.; SC smells irregularities in bidding process, directs full-fledged CBI enquiry in the matter","author":"Editor","date":"November 25, 2021","format":false,"excerpt":"\u201cThere is a trend of poorly pleaded public interest litigations being filed instantly following a disclosure in the media, with a conscious intention to obtain a dismissal from the Court and preclude genuine litigants from approaching the Court in public interest.\u201d","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-2-7.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":279239,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/12\/07\/sebi-may-relax-the-strict-enforcement-for-strategic-disinvestment-in-a-listed-entity\/","url_meta":{"origin":224602,"position":4},"title":"SEBI may relax the strict enforcement for strategic disinvestment in a listed entity","author":"Bhumika Indulia","date":"December 7, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 05-12-2022, the Securities and Exchange Board of India (SEBI) has issued SEBI (Listing Obligations and Disclosure Requirements) (Seventh Amendment) Regulations, 2022 to further amend the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 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