The trade union has also said that despite opposition from unions, the government privatised the airports and "forcibly" merged the Indian Airlines and Air India which perpetuated the problems for the national carrier. "Permanent employees will be given stock option in the company, it will be given from the residual stake the government will hold in Air India", a senior government official told the daily, adding that employees opting for the plan will be able to monetise the stock when the airline is listed in the stock market.
"Maruti today is nearly a Rs 3-lakh crore company and it is Indian wealth and the same thing would happen in Air India", he said.
Japanese automobile major Toyota has an India-specific small auto strategy in place, finally.
However, companies with net zero or negative worth could also participate, provided they form a consortium whose collective worth is Rs 5,000 crore.
The 24% stake that the government retains is their attempt to be prepared to cash in on any future improvement in the fortunes of Air India. In addition, the successful bidder would need to ensure that Indian nationals continue to be vested in the substantial ownership and effective control of Air India and Air India Express.
The idea behind the AI stake sale is that the new owner of the company will hopefully revive the company and turn it profitable.
El AL claims that allowing Air India to fly in using that airspace when they can not violates the 1944 Convention on International Civil Aviation, as well as promises that the Israeli government made to ensure "sound and fair competition" when El Al was privatized by the Israeli government in 1994.
Modi's cabinet gave the go-ahead previous year to sell the loss-making flagship airline after successive governments spent billions of dollars to keep it solvent.
This will include AI's shareholding interest of 100 per cent in Air India Express and 50 per cent in Air India SATS.
Bidding can be done as a single player or as part of a consortium.
". There will be some time for those parties who are interested, they will go through the document and come out with the expression of interest", he said.