The Cabinet, in June, had decided on strategic disinvestment of the loss-making Air India, which is staying afloat on taxpayers' funds, and a ministerial panel is working on the modalities.
Seven law firms, including Hammurabi and Solomon Partners, Cyril Amarchand Mangaldas, have applied to act as legal advisors in the share sale.
Besides, Shardul Amarchand Mangaldas, Crawford Bayley and Co, Luthra and Luthra, ALMT Legal and Trilegal have thrown their hat into the ring. These firms will make a presentation before the DIPAM on Friday.
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 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.
Air India has a debt burden of more than Rs 50,000 crore.
The transaction advisors would suggest the government on the modalities and methods and the timing of the strategic disinvestment of the Air India group.
Besides, they would help in preparing and submitting a detailed operational scheme to successfully implement the disinvestment process, indicating tentative timelines for each activity.
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 10-year bailout package began from 2012.
So far, the embattled carrier has received around Rs 26,000 crore under the package.
The Air India group has operations in 42 international destinations and over 70 domestic stations. It has an operating fleet of 142 aircraft.
In the current fiscal, the government plans to raise Rs 72,500 crore by way of disinvestment. 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.
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