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EY Back On Job For Air India Sale; EoI To Be Ready Soon

EY Back On Job For Air India Sale; EoI To Be Ready Soon

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  25 May 2019 1:26 PM GMT

New Delhi: The government has put top consultancy firm EY to work for divesting its stake in flag carrier Air India and “quickly” issue expression of interest (EoI).

“EY continues to be the transaction advisor for the sale of Air India. We have been directed to close the accounts for FY 2018-19 and provide updated data for EoI to take the disinvestment process forward,” said a senior Air India official.

“Until the transaction gets completed EY is our advisor. They will be paid their fees after disinvestment process is complete. The instruction now is immediately start the process for EoI. Of course, approval of the Union Cabinet will be required for it,” he added.

The development comes close on the heels of Prime Minister’s Office (PMO) directing the Aviation Ministry to speed up the process of strategic disinvestment of Air India and three of its subsidiaries.

In a letter to Air India Chairman Ashwani Lohani, Civil Aviation Secretary Pradeep Singh Kharola had advised to finalise the financials of Air India and its subsidiaries by end of June, 2019.

“Also, the accounts for FY 2018-19 would form the basis of bidding. Therefore, it is necessary that they are prepared with utmost caution so as to reflect the correct financial status,” Kharola had written in the letter. (IANS)


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