The Centre on Wednesday initiated the process of financial bids for the debt-laden national carrier Air India (AI) as Aviation Minister Jyotiraditya Scindia made it clear that September 15 for the process is fixed and will not change.

In 2018, the government failed to find any buyer for a 76 per cent stake in Air India. With this, it is expected to complete the sale of the national carrier with at least two buyers to submit financial bids by September 15.

NDTV reported a government source on the condition of anonymity and said, “The Tata Group, through its holding company and SpiceJet chairman Ajay Singh, is likely to make its financial bid for the airline in his personal capacity.”

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“We are very optimistic that this time Air India will get a new bidder.”

It is reportedly said that Air India is laden with a huge debt of around Rs 43,000 crore of which Rs 22,000 crore will also be transferred to the Air India Asset Holding Limited (AIAHL).

“The debt of the airline has now increased to ₹ 43,000 crore and all these loans are under government guarantee. And the government will bear this debt before the airline is transferred to the new owners,” NDTV reported.

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It also said that the government declined to share any details on expectations from the sale of Air India.

Meanwhile, the Centre is planning to sell a 100 per cent stake in the airline and its low-cost subsidiary Air India Express.

Other properties including the Air India building in Mumbai, Airlines House in Delhi will also be part of the deal.

It is also said that four acres of land at Connaught Place in Delhi and various housing societies in Delhi, Mumbai and other cities for AI employees and others usage will be part of AIAHL.

Air India’s subsidiaries such as Air India Engineering Services Limited (AIESL) and Air India Air Transport Services Limited (AITSL) will also be part of AIAHL.

Presently, Air India has its control over 4,400 domestic and 1,800 international landing and parking slots at domestic airports as well as 900 slots abroad.