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Wednesday, 22 November, 2017, 11 : 30 AM [IST]

Air India sets up 5 project teams for disinvestment

According to a report in The Hindu, Air India has set the ball rolling for its eventual strategic disinvestment by setting up five internal project teams to work towards ensuring that the timelines set by the government are met and the objective is achieved in a time bound manner. Fortnightly reviews SBI Capital Markets is being appointed to handhold the airline during the entire disinvestment process and the progress will be reviewed on a fortnightly basis. In an order issued on November 18, Rajiv Bansal, CMD, Air India, said the five teams headed by senior AI officials would deal with the aspects of Finance, HR, P&F (properties & facilities) department, secretarial and procedural matters, including formalisation of relationship with subsidiary companies and preparing a future business plan for the subsidiary companies and bilateral slots, besides other commercial arrangements and issues. 

According to the order, SBI Caps is being assigned the responsibility of preparing three and five year business plans for subsidiary companies to be divested, obtaining approvals and no objection certificates from the consortium of banks for the transfer of real estate properties and other security, apart from assisting and guiding Air India on other disinvestment matters. The five teams would work under Director (Finance) V. Hejmadi and finance advisor S. Venkat, who would be responsible for managing the progress on disinvestment from time to time and coordinating with the transaction advisor, legal advisor and asset valuer — all of whom are in the process of being appointed. Hejmadi and Venkat would apprise the CMD on the fortnightly progress. 
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