Amidst huge debt and loss of registered by national career Air India, the union government may invite the preliminary bids – Expression of Interest (EoI) – for stake sale in Air India and Maharatn oil and gas major BPCL next month, the source confirms ET.
The flag career India Air India has recently sought the government approval to raise Rs. 2,000 crores loan and refinance of $ 819-million (Rs.81.9 crores) aircraft debt to come out of the financial crisis. Air India registered a sharp loss of Rs 8,556 crore in the last financial year.
The BPCL stake alone is expected to raise around Rs. 60,000 crores for the Exchequer this year which can certainly ease the financial pressures being faced by the country.
The cabinet last month approved a strategic divestment of the government’s 53.29 per cent stake in BPCL and gave nod for the privatisation of Bharat Petroleum Corporation Limited (BPCL).
However, the stake sale procedure in BPCL will take time as due diligence needs to be carried out.