New Delhi: Air India has stopped giving promotions for its employees and recruiting new personnel as the government prepares for the disinvesment of the debt-laden airline, an official said Sunday. The government is expected to soon start the disinvesment process for Air India, which has a debt burden of more than Rs 50,000 crore.For the disinvesment process, the official said the airline's books of accounts till July 15, have been closed and those financials would be used while seeking bids.Promotions and fresh appointments have also been frozen ahead of the stake sale for Air India, the official added.The airline has around 10,000 permanent employees.There was no immediate comment from Air India. Query sent to Civil Aviation Secretary Pradeep Singh Kharola remained unanswered.The government is looking to complete the Air India stake sale in the next four to five months.Air India is currently making a revenue of Rs 15 crore everyday.Efforts to sell 76 per cent stake in the national carrier failed to take off in 2018. "It (Air India) will be sold when the buyer ultimately gives the cheque and there are certain prerequisites before any sale, those also have to be met. I do expect that to be finished in 4-5 months but nevertheless to provide for that exigency, we have not accounted for Air India sale proceeds (in budgeted disinvestment proceeds).

Source: Economic Times July 21, 2019 12:11 UTC