'Won't sell Air India sans sufficient bidding amount'

New Delhi [India], May 22 (ANI): Ministry of Civil Aviation Secretary Rajiv Nayan Choubey noted that the option of not selling Air India would be available if the bidding amount ascertained is inadequate.
"There are two stages of bidding. The first involves expression of interest in bidding. The last date for this is May 31. The ones who succeed in this will be asked to present a financial bid. We are seeing a lot of excitement about the sale. However, if the required amount is not met, we will decide whether the sale will take place or not," Choubey told ANI.
However, the Ministry official assured that interest of those employed with the national carrier would be safeguarded at all times.
In March this year, the Centre had appointed Ernst & Young LLP India (EY) as its transaction advisor for advising and managing the proposed strategic disinvestment of the national carrier by way of transfer of management control and sale of 76 percent equity share capital of the airlines held by the government.
On a related note, Air India's authorised capital is Rs 300 billion divided into 30,00,00,00,000 equity shares of Rs. 10 each and its paid up share capital is Rs. 267 billion divided into 26,75,30,00,000 equity shares held by the President of India.
Reports suggest that Air India currently possesses Rs 500 billion debt, and had reported a loss of Rs 57.6 billion in March last year. (ANI)