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"This number shall be further adjusted to account for material business developments post March 31, 2017 for instance purchases/delivery of aircrafts etc".

The successful bidder will assume INR333 billion rupees (USD5.1 billion) worth of debt with the balance to then be allocated to Air India Asset Holding Limited which is 100% owned by the Government of India.

El Al claims that when it was privatized back in the 1990s, the Israeli government at the time pledged to "encourage fair and healthy competition" between Israeli airlines and their foreign competitors.

As per the over 200-page-long document, the Centre proposes to carry out the the strategic disinvestment of AI by transferring management control and selling its 76 per cent equity share capital in the airline.

The government on Wednesday issued a preliminary information memorandum (PIM) while inviting an expression of interest (EoI) from parties to sell 76% of its stake in the national carrier Air India, which owns 100% shareholding in low-priced airline Air India Express Ltd and 50% in Air India SATs, which provides airport ground handling services.

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Bids for the assets are expected to be submitted by May 14.

The company had more than 11,000 employees, 115 air planes and served more than 36 destinations has been going through debts and losses.

Saudi approval of Air India's new route has been interpreted as a sign of a possible rapprochement with Israel.

El Al is asking that the Air India flights be halted until Israeli airlines are also allowed to fly over Saudi Arabia. The document seeking expressions of interest for the unprofitable carrier makes it clear that this final stake will be sold later, perhaps when the new owners take the airline public. 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.

India's biggest airline, IndiGo, has expressed unsolicited interest in. Vistara and Singapore Airlines, one half of the joint venture that runs Vistara, have also said that they have an open mind when it comes to Air India.


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