Air India employees may get ESOPs; here is what government is planning

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Israel's national carrier filed a lawsuit against the government on Wednesday for allowing Air India to fly over Saudi airspace on its New Delhi-Tel Aviv flights, a move El Al says puts it at an unfair disadvantage.

The relevance of 24 per cent of the share is that it doesn't give the government right to veto decisions, said Bhargava. "Details of this debt or liabilities reallocation shall be shared at RFP (request for proposal) stage", the document said.

The other four subsidiaries will either be "hived off (along with any receivables or payables related to these subsidiaries) through demerger or other appropriate mechanisms. before the closing of proposed transaction".

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

In addition, a bidder must have shown a positive profit after tax in at least three of the immediately preceding five financial years from the deadline of the EoI. After the passengers were offloaded with their hand baggage, a physical as well as scanning check of the flyers and their luggage was carried out, said Sanjay Bhatia, DCP (IGI).

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Bids by management and employees of companies participating directly or by forming a consortium would be considered subject to guidelines issued by the Department of Investment and Public Asset Management (DIPAM).

The Israeli Tourism Ministry has provided Air India with a grant to market its new route as part of a campaign to encourage Indian tourism in Israel. The government has injected $3.6 billion (Rs 23,461 crore at $1 = Rs 65.17) since 2012 to bail out the airline.

Air India, thankfully, has certain strengths - an operating fleet of 138 aircraft, an extensive network connecting around 54 domestic and 94 global destinations (including through code share agreements with foreign carriers), prime landing/parking slots and, above all, brand equity - that serious industry players might want to leverage.

As Anurag Kotoky of Bloomberg News has noted, the only potential bidder to have publicly expressed a desire to buy Air India is InterGlobe Aviation Ltd.'s IndiGo, a homegrown low-priced airline that's obviously drawn to the flag carrier's bilateral flying rights and slots at busy airports like Heathrow and John F. Kennedy.

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