You are here: Home » News-IANS » Business-Economy
Business Standard

Jet Airways not to participate in Air India's divestment process

Topics
Politics

IANS  |  Mumbai 

Airline major Jet Airways on Tuesday said that it will not participate in the divestment process of national carrier Air India.

"We welcome the 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," Amit Agarwal, Deputy CEO and CFO, Jet Airways was quoted in a statement.

The development assumes significance as it comes days after another airline IndiGo on April 5 had said that it will not bid for Air India under the "current divestiture plans".

Jet Airways had never officially said that it was interested in Air India, but IndiGo had earlier expressed its interest in the acquiring Air India's international operations and Air India Express (AIXL).

The Central government has invited "Expression of Interest" to off-load 76 per cent stake and management control of the airline.

On April 5, IndiGo's President and Whole Time Director Aditya Ghosh had said: "From day one, IndiGo has expressed its interest primarily in the acquisition of Air India's international operations and Air India Express. However, that option is not available under the government's current divestiture plans for Air India.

"Also, as we have communicated before, we do not believe that we have the capability to take on the task of acquiring and successfully turning around all of Air India's airline operations," Ghosh said in response to queries from investors regarding IndiGo's involvement in the upcoming divestiture of Air India.

On March 28, the government issued the Preliminary Information Memorandum (PIM) for the strategic divestment of AI, along with the airline's shares in AIXL and AISATS (Air India SATS Airport Services).

--IANS

rv/vd

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, April 10 2018. 22:42 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU