Seven law firms, including Hammurabi and Solomon Partners, Cyril Amarchand Mangaldas, have applied to act as legal advisors in the share sale. Of the total amount, around Rs 11,000 crore is to come from listing of insurance companies and Rs 15,000 crore via strategic stake sale in PSUs.The DIPAM, in September, had invited applications for engaging up to two advisors and a legal advisor for the strategic disinvestment of Air India and its subsidiaries and joint venture.The Cabinet, in June, had decided on strategic disinvestment of the loss-making Air India, which is staying afloat on taxpayers&Dish washer Mold Suppliers39; funds, and a ministerial panel is working on the modalities.Besides, Shardul Amarchand Mangaldas, Crawford Bayley and Co, Luthra and Luthra, ALMT Legal and Trilegal have thrown their hat into the ring.

In the current fiscal, the government plans to raise Rs 72,500 crore by way of disinvestment.Besides, they would help in preparing and submitting a detailed operational scheme to successfully implement the disinvestment process, indicating tentative timelines for each activity. It has an operating fleet of 142 aircraft.The government has 'in-principle' decided to disinvest the Air India group as a whole or its constituents fully or part thereof through the strategic sale with transfer of management control.The transaction advisors would suggest the government on the modalities and methods and the timing of the strategic disinvestment of the Air India group. These firms will make a presentation before the DIPAM on Friday..Under a turnaround plan approved by the previous UPA regime, Air India is to receive up to Rs 30,231 crore from the government subject to meeting certain performance thresholds.

The Air India group has operations 42 international destinations and over 70 domestic stations. Among others, the advisers would also have to provide advise on post-sale matters, if any, for a period of up to 12 months.Air India has a debt burden of more than Rs 50,000 crore.The 10-year bailout package began from 2012.The other entities that have applied to act as transaction advisor for the share sale are EY, Grant Thornton, Edelweiss and ICICI Securities, according to an update posted on the website of the Department of Investment and Public Asset Management (DIPAM).New Delhi: As many as seven firms, including KPMG, BNP Paribas and Rothschild # India Pvt Ltd, are jostling with each other to advise the government for the strategic sale of Air India and its subsidiaries. So far, the embattled carrier has received around Rs 26,000 crore under the package

New Delhi: The civil aviation ministry has told Air India that it should prepare 2018-19 financials for itself and its subsidiaries by end of June as the Prime Minister&In-mold injection39;s Office (PMO) has decided to speed up the disinvestment process of three of its wings, according to an official document. Moreover, he added that "account receivables" and "account payables" must be verified and confirmed from the other parties."A meeting was held on April 1 under the chairmanship of the Principal Secretary to PM in which it was, inter-alia, decided to speed up the process of disinvestment of AIATSL, AIESL and AASL," civil aviation secretary Pradeep Singh Kharola told Air India's Chairman and Managing Director (CMD) Ashwani Lohani in a letter dated May 6.

Kharola said that in order to proceed with disinvestment process of Air India and its subsidiaries, audited financials for 2018-19 will be required.After a botched attempt to sell Air India in May last year, a panel led by Finance Minister Arun Jaitley had decided in June to scrap the stake-sale plan for the time being.On April 1 this year, a meeting was held in the PMO under the chairmanship of Nripendra Misra, the # principal secretary to the prime minister, to discuss matter regarding strategic disinvestment of Air India and its subsidiaries.. Air India Air Transport Services Limited (AIATSL), Air India Engineering Services Limited (AIESL) and Airline Allied Services Limited (AASL) are subsidiaries of the national carrier. He added that contingent liabilities must be thoroughly verified.

As a precursor to sale of Air India, the Cabinet on February 28 had approved setting up of a special purpose vehicle (SPV) -- Air India Assets Holding Limited-- to transfer Rs 29,464 crore worth loans of the national carrier and its four subsidiaries. It was then decided to infuse more funds into the carrier and cut down debt by raising resources by selling land assets and other subsidiaries. Air India has a total debt burden of around Rs 55,000 crore.The secretary also told Air India CMD that a list of all pending litigations have to be drawn up."I would, therefore, request you to kindly get financials of Air India and its subsidiaries for the financial year 2018-19 finalised by end of June," Kharola said.Aviation secretary also said that since the accounts for 2018-19 would form the "basis of bidding", it is necessary that they are prepared with "utmost caution so as to reflect the correct financial status"."A physical verification of the inventories need to be done so as to ensure that the value of inventories shown on the balance sheet matches with the assets physically," Kharola told Lohani. The four subsidiaries which have been transferred to the SPV are AIATSL, AASL, AIESL and Hotel Corporation of India (HCI)