NEW DELHI: Shares of aviation companies were trading mixed after reports that the government was planning to sell Air India (AI) to a consortium of airlines.Shares of InterGlobe Aviation and Jet Airways rose 1.45 per cent and 0.71 per cent to Rs 1,209 and Rs 587, respectively, in the first one hour of trade, while SpiceJet was down 0.54 per cent at Rs 128.The government was looking to sell more than 51 per cent stake in the debt-laden airline and the process is likely to conclude in 2018, reports said. The deal will lead to writing off around Rs 20,000 of Air India debt.Promoters of no-frills airline IndiGo will discuss with investors this week its interest in buying Air India as well as the plans for long-haul operations. The airline operates more than 900 flights daily to destinations within India and overseas. According to reports, Jet Airways may sell up to 24 per cent stake in the airline to Delta. In a clarification to BSE, the airline neither confirmed nor denied the reports.Air India has a debt of Rs 52,000 crore and is surviving on a Rs 30,000 crore government bailout approved in 2012.

Source: Economic Times July 04, 2017 04:41 UTC