| It had earlier split its transport division and rechristened it Air-India Air Transport Services Ltd and set up Air-India Express-a low cost airline. |
| It has also registered the new venture with the Registrar of Companies. |
| Air-India Engineering Services Ltd has a total of around 15,000 employees, with over 2,500 engineers and around 400 technicians and support staff, who are in the midst of being shifted to the new company. |
| "Our maintenance division is one of the strongest in the country and this move spin-off will be a value-addition to the company," Air-India chairman and managing director V Thulasidas told Business Standard on Friday. |
| The airline is also seeking an infusion of funds from strategic partners and may divest up to 49 per cent of its equity stake. |
| "Talks are on, but nothing has been finalised. We would invite bids from private players and would shortlist one or two depending on the bids," Thulasidas said. |
| Meanwhile, talking on the proposed Initial Public Offering (IPO), he said that the carrier has shortlisted a six companies and these include DSP-Merrill Lynch, HSBC Securities, JM Morgan Stanley, SBI Capital, Kotak Financial Services and Enam with Citi Bank had been shortlisted and a final decision was expected to be taken soon. |
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