The Maharaja's jewels: How much are Air India's businesses worth?

Debt-ridden it is, but the national carrier can be a money-spinner for buyers

Published: Feb 26, 2018


Air India’s descent began after an ill-timed merger with Indian Airlines in 2007. Both were making losses, while oil prices—it accounts for 50 percent of an airline’s cost—were at their peak, of more than $100 a barrel. Despite these factors, AI agreed to buy 68 Boeing aircrafts in 2006, mostly through debt. As of 2018, it is weighed down with debt of over ₹50,000 crore, while its share in the domestic market (worth over $16 billion) has fallen from 19 percent in 2014 to 13.3 percent at present. India is expected to be one of the world’s top three markets by 2022; it’s now the ninth-largest.

As the government plans to carve up the national carrier’s businesses into four components to sell them, we take a look at how valuable they are.


(This story appears in the 16 March, 2018 issue of Forbes India. You can buy our tablet version from To visit our Archives, click here.)

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