Government extends the last date for bidding to buy Air India
Government extends the last date for bidding to buy Air India
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New Delhi: In order to sell its 100 per cent stake in the government airline Air India, the Central Government has extended the last date for bidding for it. The government has increased it to 30 April 2020. Earlier this date was 17 March 2020. Explain that the government is going to sell its 100 percent stake in Air India, Air India Express and 50 percent stake in the joint venture AISATS, along with the management control of the airlines will remain in the hands of the buyer.

Buyers desirous of purchasing them can now submit Expression of Interest (EOI) by 30 April 2020. It is noteworthy that Air India is a subsidiary of Air India Express. It has a total of 146 planes in its fleet. Air India was started in the year 1932 as Tata Air Services. It was nationalized in 1947 and a year later it was renamed as Air India.

The government is expected to complete the sale of airline company Air India in the first half of the next financial year. The government has also changed the FDI rules to sell Air India. According to the new rules, now NRIs can also buy 100% stake in Air India. Earlier, 49 percent foreign investment was allowed in Air India. At the same time, 100 percent FDI is allowed in scheduled airline companies with certain conditions.

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