Jet Airways opts out of Air India disinvestment process

Source: The Hitavada      Date: 11 Apr 2018 12:08:53


 

 

New Delhi

Jet Airways on Tuesday said, it would not be participating in the Air India disinvestment process, becoming the second domestic airline after IndiGo to make such a decision in less than a week.The ambitious strategic stake sale of loss-making Air India as well as its two subsidiaries seem to be hitting air pockets with the two potential bidders deciding to keep away citing the contours of the process. Kicking off the disinvestment process, Government has came out with a detailed preliminary information memorandum, detailing plans to offload up to 76 per cent stake in Air India and transfer the management control to private players. “We welcome Government move to privatise Air India. It is a bold step. However, considering the terms of offer in the information memorandum and based on our review, we are not participating in the process,” Jet Airways Deputy CEO and CFO Amit Agarwal told PTI. However, he did not divulge specific reason about the decision to not participate in the stake sale process. Last month, sources had said that a consortium of Jet Airways, Air France-KLM and Delta Airlines was understood to have expressed interest.