A group of 209 Air India workers has presented a statement of interest for the national transporter in association with a private financier. The offer process is being led by Meenakshi Mallik, who is the current commercial director at Air India.
“We have submitted an EoI along with a partner who will give us financial backing,” Malik confirmed to Business Standard refusing to disclose further details as they are confidential.
While rules permit offer via Air India workers, disinvestment rules order that the organization won’t have the option to partner any private company. It needs to collaborate with either a bank or a financial institution.
Aside from the financier’s backing, every worker ready to take an interest in the offer will be approached to contribute Rs 1 lakh towards the offer.
The consortium of workers intends to hold a 51 percent stake in the carrier, while the leftover 49 percent should be held by monetary accomplices.
“Due to the support we will receive from our financial partner, I anticipate that each of us will have to make a contribution of no more Rs 1,00,000, to bid for the company, this is a detail which I will be better placed to convey to you all once we have passed the initial stage of the EoI. Moreover, after successfully completing stage one, we are planning our bid in such a way that no single employee will have to take on a financial risk or contribute more than Rs 1,00,000,” Malik had earlier written in a communication to employees urging them to bid.
Nonetheless, a huge segment of Air India workers, including pilots and lodge team associations like IPG and ICPA, has exhorted their individuals not to partake in the carrier’s disinvestment cycle, saying that the administration has still not tended to their interests over “unbalanced” pay cuts, which have been basically since April this year.
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