TMC blames Centre for early Air-India disinvestment

New Delhi, [India] Mar 30 (ANI): Trinamool Congress spokesperson Derek O' Brien on Thursday said that the government went ahead and announced the "privatisation plan" of Air India while the Parliament's Standing Committee was busy discussing it.

"One by one, every institution is being compromised and subverted. Now even Standing Committee of Parliament not spared. While it's discussing Air India, govt goes ahead and announces privatisation plan and Minister gives details today. Democracy hijacked by executive class?" wrote Derek O'Brien in his twitter handle

Earlier on March 28, the Government of India appointed Ernst & Young LLP India (EY) as its transaction advisor for advising and managing the proposed strategic disinvestment of national carrier, the Air India (AI) by way of transfer of management control and sale of 76 percent equity share capital of the airlines held by the government.

As on December 31, 2017, the AI's authorized capital was Rs 300 billion divided into 30,00,00,00,000 equity shares of Rs 10 each and its paid-up share capital was Rs 267 billion divided into 26,75,30,00,000 equity shares held by the President of India.

Air India is one of the most extensive flight service providers in India with network coverage of about 93 destinations, around 54 domestic destinations with around 2,330 departures per week and around 39 international destinations with around 766 departures per week.

It offers 51 additional destinations through its secondary network of codeshare operations covered under 19 codeshare agreements with foreign carriers.

During FY 2017, Air India carried around 18.7 Mn passengers and recorded revenues of Rs 221,777 million.

Air India has an operating fleet of 115 aircraft as on 31 December 2017, mainly comprising Airbus and Boeing aircraft such as A-319, A-320, A-321, B-747, B-777 and B-787 out of which 69 are owned / on finance lease, 24 are on sale and leaseback model and balance are on operating lease. (ANI)