Four Indian state banks reported on Friday a combined net loss of 117.29 billion rupees ($1.74 billion) for the fiscal fourth quarter due to a jump in bad-loan provisions following a tightening of the Reserve Bank of India rules.

The Civil Aviation Ministry has asked for Expression of Interest (EoI) for selling its shares in the debt-laden carrier and two of its subsidiaries - Air India Express and Air India SATS Airport Services.

The government is exploring options of absorbing Air India employees in public sector enterprises and voluntary retirement package as it moves ahead with the airline's disinvestment amid stiff opposition from worker unions, sources said.

Last year in June, the Cabinet Committee on Economic Affairs gave an in-principle approval for considering strategic disinvestment of Air India.

Months after the government initiated a process for strategic disinvestment of Air India, a parliamentary panel has reportedly concluded that this wasn't a right time to privatise the national carrier and it should be given at least five years to revive.

ill now, only Tata joint ventures, AirAsia India and Vistara, and IndiGo Airline have shown interest, but now Jet Airways and Spicejet are reportedly also planning to bid for buying the ailing national carrier. 

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.

The State Airlines has requested the banks to submit their proposals -financial bids along with the amount they are willing to provide - by October 26. The loan will have a tenure up to June 27, 2018 from the date of being availed and the deadline could be extended.

Rajiv Bansal, who took over the charge of the top position in the disinvestment-bound airline in late August, in a message to the employees, has also urged them to be economical and adopt thrifty work practises without compromising with safety and quality.

The state-owned airline expects the two banks to disburse the amount by next week, a source close to the development said.

Air India plans to vacate unused hangar space at some airports and sell the scrap lying there to cut costs, CMD Rajiv Bansal has said. After taking over the reins of the disinvestment-bound airline last month.

Speeding up the disinvestment of debt-ridden national carrier, the government on Thursday invited applications from investment bankers, law firms and other entities to act as advisers for strategic stake sale of Air Ind

Some members of the Public Accounts Committee (PAC) today opposed the proposed disinvestment of Air India, saying that the national carrier is now performing \"relatively better\", according to sources.

Outgoing Niti Aayog Vice Chairman Arvind Panagariya has said that writing off some debt of Air India, so as to make it attractive to prospective investors, could be a \"wise\" move.

A parliamentary panel today quizzed officials on the decision to sell stake in Air India and Pawan Hans, with some committee members flagging concerns over debt burden and job security at the airline.

A Parliamentary panel will hear on August 8 the views of various stakeholders on the disinvestment of national carrier Air India and Pawan Hans Limited.

As government mulls its options for divesting stake in the debt-ridden national carrier, Air India has delayed the payment of salaries for the month of July to its employees, an airline official said,

On June 28, the Cabinet Committee on Economic Affairs gave in-principle approval for considering strategic disinvestment of Air India and five of its subsidiaries.