Thursday, September 15 2005 15:52 Hrs (IST) - World Time -

Mumbai: Air-India has short-listed three companies to act as advisors for its Initial Public Offer (IPO) to finance the fleet acquisition and is awaiting the Government's nod for the IPO, a spokesman of the airline said in Mumbai today (Sept 15, 2005).

The Government, which holds the controlling stake in the public carrier, is expected to give its approval to the IPO within a week, the spokesman said.

The three companies, which have been short-listed, are J M Morgen Stanley, DSP Merill Lynch and HSBC.

Once the Government gives its go ahead, the airline would finalize one of the three companies which have been short listed for the purpose.

About the pilots' availability, the spokesman said that situation is now better as Air-India has got pilots from two foreign agencies, namely, New York-based Rushsworth Aviation and Singapore-based Sigma, to fly the aircraft.

Air-India already has 20 foreign pilots and is planning to hire an equal number additionally to fly its aircraft, which have been built with the latest technology, he said.

With 50 new generation aircraft coming in, the airline also plans to set up maintenance bases in Trivandrum and Delhi. For the Trivandrum base, 15 acres of land has been selected and the airline has sought land clearance from the Kerala Government.

The Trivandrum base would be set up at an initial cost of Rs 50 crore although the total capital outlay for this project is Rs 200 crore.