Puri assures 3% stake for employees

A number of probable investors have directly approached the Civil Aviation Ministry with interest to take over the financially-strapped Air India which is part of the Government’s larger divestment plans.

Addressing media on 27 Jan 2020, Civil Aviation Minister Hardeep Singh Puri said of the response came from eight global roadshows held to privatize the airline in the last two months.

Air India has a debt of Rs.23,000 crore.

Puri also assured that Air India employees would be given 3% equity share in the company, and employees due with arrears will be paid by the Air India assets holding company before closing any deal.

Air India has 9,617 permanent employees. The airlines’ total employee strength is 17,984 from other related jobs.

Air India’s assets worth is Rs.17,000 crore with liabilities of Rs.8,771.5 crore to be retained. Assets such as land, artefacts and paintings are not included in the liabilities.

Liabilities due to the retired employees will be clarified at the Express of Interest stage. fiinews.com