The government of India is preparing for the strategic sale of Air India and is seeking to appoint legal and financial advisers ahead of the national carrier's privatisation.

According to an official notice for law firms, the government requires the services of reputable law firms with experience and expertise in M&A, takeovers strategic disinvestment or private equity transaction to provide legal counsel and assistance.

The last day for the submission of applications is October 12.

Air India is on the block after Prime Minister Narendra Modi’s cabinet in June approved plans to sell part or all of the loss-making company, effectively ending decades of state support, reported Reuters. 

The national carrier was founded in 1930 and has $8.5 billion debt at present. Since 2012, the government has spent about $3.6 billion to help Air India deal with its debt.