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Government to sell Air India’s ground handling arm (Lead)
New Delhi, Nov 27 (IANS) The Central government will divest 100 per cent stake in Air India’s ground handling subsidiary to partially retire the national passenger carrier’s accumulated debt.
Accordingly, an inter-ministerial panel, Air India Specific Alternate Mechanism, decided on Tuesday to divest the government’s stake in Air India Air Transport Services Ltd (AIATSL).
The decision was taken after the panel which is headed by Finance Minister Arun Jaitley met here. It assumes significance as the amount raised from the divestment of AIATSL will be used to retire some of the accumulated debt of Air India.
A senior government official said the strategic disinvestment of ground handling subsidiary AIATSL will be done after the ground handling unit is transferred to a SPV (special purpose vehicle).
The official told reporters that the EoI (Expression of Interest) document for the subsidiary will be issued after its transfer to the SPV.
AIATSL provides ground handling service at most of the airports in India. It was operationalised in February 2013 and in 2016-17 the subsidiary earned a profit before tax of Rs 61.66 crore.
Earlier, the inter-ministerial panel had decided to revive the national passenger carrier through sale of land and other assets and to offload its debt to an SPV which has already been incorporated.
Prior to the current move, the government had offered to sell 76 per cent stake in Air India. However, the state-owned carrier, which has accumulated losses of over Rs 48,000 crore, failed to attract any bidder.
On May 31, the Ministry of Civil Aviation said that “no response” was received even during the extended submission deadline for the EOI bids under Air India’s divestment process and the “further course of action will be decided appropriately”.
The government on May 1 had released a detailed document on clarifications sought by interested bidders regarding the divestment process. This had outlined that net current liabilities were Rs 88.16 billion (Rs 8,816 crore) and “these will remain with AI and AIXL (Air India Express) as these have been incurred in the course of business”.
On March 28, a Preliminary Information Memorandum (PIM) inviting EOIs for the strategic divestment of AI was issued, along with the airline’s shares in AIXL (Air India Express) and AISATS (Air India SATS Airport Services) from private entities including the airline’s employees.
The Central government owns 100 per cent equity of Air India.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.