9Wiki

The Encyclopedia

Air India: Why Air India could not be sold, explains this report

Today we are talking about Air India: Why Air India could not be sold, explains this report, check out the Air India: Why Air India could not be sold, explains this report with complete details and accuracy At 9wiki.info.

Check down the table for Air India: Why Air India could not be sold, explains this report By 9wiki – The Encyclopedia We are always providing right details you can comment below if you found any irrelevant content of celeb.

NEW DELHI: Transaction adviser Ernst & Young (EY) has submitted a report to the aviation ministry over why Air India failed to attract any bidder. It has pinpointed three selling conditions — government not selling 100 per cent; retaining employees for some time; running AI at arm’s length for three years (meaning keeping the identity for at least that time) — and the fact that Indian carriers were not keen to grow inorganically as the reasons for the Maharaja not getting any buyers.

“The transaction advisor has submitted a report based on consolidated feedback from people who were interested in AI. Accordingly, the AI-specific group of ministers and secretaries will see what is the best way to take the process forward,” Union minister of state for aviation Jayant Sinha said.

Ever since the divestment process was kicked off last year, some banks withdrew a Rs 1,000-crore to the airline and the equity infusion from the government was also halted. As a result, for the past three to four months AI has not been able to pay salaries on time. Asked if this kind of uncertainty will remain now, Sinha said: “The government will ensure that AI has sufficient liquidity to meet its commitments. We are putting in place financial arrangements to enable us to do that…. All hard working employees will get paid on time.”

Senior pilots said they had got only their basic salary of May, and not the flying allowance which constitutes almost 80 per cent of their total pay, till Wednesday.

Updated: June 13, 2018 — 5:38 pm

Leave a Reply

Your email address will not be published. Required fields are marked *

9Wiki © 2017