Image Source: TRIBUNE

The government on Monday announced the sale of a 100 percent stake in debt-laden Air India as it issued the preliminary bid document for the strategic disinvestment with the deadline for submitting an expression of interest set as March 17.

As part of the strategic disinvestment, Air India would also sell a 100 percent stake in low-cost airline Air India Express and 50 percent shareholding in joint venture AISATS, as per the bid document issued on Monday.

Management control of the airline would also be transferred to the successful bidder.

This is the second time in less than two years that the government has come out with a proposal for selling stake in Air India, which has been in the red for long.

The government has set March 17 as the deadline for submitting the expression of interest