Israel's Carrier Goes to Court Over Air India's Flights Through Saudi Airspace

Israel's Carrier Goes to Court Over Air India's Flights Through Saudi Airspace

Ronald Pratt
March 30, 2018

Its India unit will source two cars manufactured by Maruti Suzuki, the Baleno and Brezza, including their hybrid variants, and in return Toyota will offer its Corolla sedan to Maruti.

"Government is not in a hurry to sell 100 per cent shares".

Among other conditions, the selected bidder would be required to "lock-in its entire shareholding in Air India and in the special objective vehicle (in case investment in AI is made through a special goal vehicle by a consortium or otherwise), up to the expiry of 3rd anniversary of the consummation of the proposed transaction".

To remind you, the government will retain a 24 per cent stake in the airline post privatisation.

"For that you need 26 per cent".

The move for fixed-term employment being pushed by the government in all the sectors, would further add to the difficulties as the private players wont continue the services of existing employees beyond one year as per the provision, it said. "This is what they did in Maruti also", Bhargava explained.

It mentions that the ownership - after the sale - must remain with Indian nationals. "Maruti after disinvestment has grown much faster and has created much more value for shareholders and the objective of selling the shares is to create value", Bhargava said.

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As per the advertisement issued by the Government, the companies or consortium will be eligible to bid only if their net worth crosses Rs 5,000 crore.

The central government has invited "Expression of Interest" to divest 76 per cent stake in the national passenger carrier Air India (AI).

But the proposal, which calls for bids by May 14, is already generating political opposition and the new owners face turning around an airline that has lost money for the past decade.

The company was given a general nod by the Union Cabinet in June 2017.

The company had more than 11,000 employees, 115 air planes and served more than 36 destinations has been going through debts and losses. On Wednesday, Prime Minister Narendra Modi's government took a decisive step in that direction - of exiting Air India.

The airline is under a massive debt burden of over Rs. 50,000 crore.