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Panel finalises time-table for A-I divestment

The privatisation of Air-India gathered further momentum with the inter-ministerial group meeting the advisors J P Morgan on Tuesday and finalising the time-table for completion of the divestment process.

The IMG on A-I divestment at the meeting also decided to release advertisements in the first fortnight of August, soliciting 'expression of interest' from potential bidders for equity stake in the international carrier.

The deadline for divestment of A-I has been finalised as March 31, 2001.

The IMG, during the meeting with senior officials of A-I, also reviewed the time table relating to divestment of Hotel Corporation of India, a subsidiary of A-I, to ensure that the sale of HCI takes place by December end and that it precedes divestment in A-I.

Proceeds for the sale of HCI, which would go to the airline, is expected to considerably help improve its balance sheet prior to privatisation.

The first meeting here of the IMG on A-I divestment was attended by Divestment Department secretary P Baijal, joint secretary Sikandar Talwar, Civil Aviation Ministry officials including joint secretary Sanat Kaul and financial advisor V Subramanian and A-I managing director, M P Mascarenhas.

PTI

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