The government plans to raise nearly ₹3,000 crore in FY24 by selling engineering and ground handling companies that used to be units of Air India Ltd, two people aware of the matter said.
“We expect the divestment process for AI Engineering Services Ltd and AI Airport Services Ltd to take place in 2023-24. We have feedback of a strong appetite for these two companies, so we are hopeful of a successful transaction," one of the two people mentioned above said on condition of anonymity.
The divestment process for Air India and its five subsidiaries received ‘in-principle’ approval from the Cabinet Committee on Economic Affairs in June 2017. The five subsidiaries included AI Airport Services (AIASL), regional carrier Alliance Air, Air India Engineering Services Ltd (AIESL), Air India Express, and Hotel Corp. of India Ltd.
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