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IndiGo Expresses Interest in Buying Stake in Air India

IndiGo has expressed interest in buying stake in national carrier Air India. “We received unsolicited expression of interest from IndiGo on Air India,” said Civil Aviation Secretary RN Choubey.

Nagarjun Dwarakanath | CNN-News18

Updated:June 30, 2017, 12:01 AM IST
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IndiGo Expresses Interest in Buying Stake in Air India
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New Delhi: Private airline IndiGo has expressed interest in buying a stake in national carrier Air India, a senior government official revealed on Thursday.

“We received unsolicited expression of interest from IndiGo on Air India,” Civil Aviation Secretary RN Choubey said a day after the Union cabinet gave in-principle approval for disinvestment of Air India.

Minister of State for Aviation Jayant Sinha said other companies too had approached the government informally. “Several companies have approached informally for Air India stake. Got interest from both domestic and international airlines. Haven’t received any formal communication,” he said.

Also Read: Air India Disinvestment: From Soaring High to Selling Out

Finance Minister Arun Jaitley had on Wednesday announced the Union Cabinet has given in-principle approval for disinvestment of Air India. "The Cabinet gave an in-principle approval to the divestment of Air India," Jaitley had said. A group under Jaitley has been formed to decide upon the modalities of Air India's stake sale. "It will now take a decision on the quantum of stake sale and take a call on Air India's assets, debts and its hotel subsidiary," Jaitley said.

Aditya Ghosh, President and Wholetime Director, IndiGo, submitted a letter to the Government of India expressing IndiGo's interest in buying stake in state-owned carrier Air India. A copy of his letter is given below.

LETTER-1-875LETTER-2-875

Sanjay Gupta, Company Secretary and Chief Compliance Officer, InterGlobe Aviation Ltd (which runs country's largest airline IndiGo) also clarified on it.

IndiGo-Letter--875

The Cabinet chose between two options suggested in a presentation by the Department of Investment and Public Asset Management. The discussions were on both the Niti Aayog’s recommendation of complete privatisation and the civil aviation ministry's proposal of debt reduction.

On Wednesday, it was reported that the Tata group may buy a major stake in Air India and they are holding talks with officials from the Civil Aviation Ministry.

A source from the industry had said, "There were four conglomerates that were interested in buying the airline. Tata Group being one of them are very keen in buying a major stake in the airline if not for 100%. They are in talks with top ministers at the Centre on the process of buying. Tata Group feels that it's their airline and they want it back."

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| Edited by: Nitya Thirumalai
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