While the employee unions are expressed opposition for the disinvestment plan, the government allowed the overseas entities to own up to 49 percent stake under the approval route in Air India subject to certain conditions on January 10.
The move is aimed at addressing concerns over day-today management of some of the private carriers with foreign airlines as partners where shareholders were not really with the Indian owners despite the government rules mandating so.
Civil Aviation Minister had said permitting 49 per cent foreign direct investment in Air India brings the airline at par with other domestic carriers and does away with the preferential treatment that was extended to the national carrier. It had been reported earlier that the government is seeking to provide the airline employees options of joining public sector companies. Of the total debt, '17,360 crore was aircraft loans and Rs 31,517 crore was working capital loans.
Carillion employees given pay guarantee after company enters liquidation
The chairman of Carillion , Philip Green, said it was a "very sad day" for the company's 43,000 staff, suppliers and customers. This means that contracts were drawn up so that if Carillion failed, other contractors would take over its responsibilities.
The possibility of giving them a voluntary retirement package is also under consideration, according to the sources close to the development.
In addition, New Delhi will pass Air India's "unsustainable debt" of over Rs5 trillion ($7.6 billion) "through two filters".
"We expect it to be a very bright future for its employees", he added.
What's Propelling Bank of America Corporation (BAC) to Reach 52-Week High?
This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. River & Mercantile Asset Management Llp bought 15,000 shares as the company's stock declined 6.00% while stock markets rallied.
"As a matter of fact, Air India has expanded its global routes and Indians overseas have greatly appreciated the expansion", he wrote in the letter.
Ahead of the proposed strategic stake sale, group ministries are mulling over the modal quality during the bidding. Along with its subsidiaries it has almost 29,000 employees.
Last year, Finance Minister Arun Jaitley, referring to Air India's taxpayer funded bailout, had said that the money pumped into the carrier could have been used for other things, like boosting India's education sector.
Trump language on Africa unacceptable, racist: Ghana
Nonetheless, Mr Trump vigorously defended his stance on immigration, insisting that he wanted a merit-based system of immigration. "I think we have a lot of sticking points, but they are all Democrat sticking points", he said.