Authorities departments and numerous different autonomous our bodies have dues of greater than ₹244 crore to Air India, of which slightly over ₹30 crore has been recovered, the federal government stated in Parliament on Monday.
“Authorities departments/autonomous our bodies owe Air India ₹244.78 crore as on September 30, 2021. Out of this, ₹30.38 crore has been recovered as on November 30, 2021,” Minister of State for Finance Bhagwat Karad stated in a written reply within the Lok Sabha.
He was responding to a set of questions raised by a number of MPs concerning sale of Air India to Tata group. Air India disinvestment is on the concluding stage, the finance ministry has acknowledged earlier.
Karad stated there was an enormous collected debt on Air India, following which the federal government took an enterprise worth (EV) bidding method for strategic divestment of Air India and its recognized subsidiaries and joint ventures.
“The strategic disinvestment transaction has been carried out for the complete firm as a going concern. Property apart from non-core belongings and liabilities apart from these excluded from the transaction will stay with the acquirer.
“Non-core belongings of Air India and its subsidiaries (e book worth of ₹14,718 crore as on August 31, 2021) should not part of the disinvestment transaction and won’t be taken over by the profitable bidder however transferred to Air India Asset Holding Firm (AIAHL), 100% owned by GoI,” he stated.
A share buy settlement (SPA) was signed on October 25, 2021, organising precedent situations to be fulfilled by the bidder (Tata group), Air India and the federal government earlier than closing the transaction.
Amongst others, Karad stated the workers of Air India can’t be retrenched for a interval of 1 yr from the deadline.
They are going to be eligible for a voluntary retirement scheme with most advantages in case of retrenchment within the second yr from closing, he added.
Supply: Live Mint