Friday, April 13, 2018

Air India sale: Tata Sons to decide by mid-May, says Chandrasekaran

New Delhi: Tata Sons Chairman Natarajan Chandrasekaran on Friday said that the conglomerate will clear its stand on buying a stake in debt-ridden Air India by mid-May. In an interview with CNBC TV18, Chandrasekaran said: "The deadline has got extended till middle of May. We might take a call around that." The deadline for submitting initial bids is on May 14.

Earlier, a Reuters report had said that the Tata Group was not very keen on bidding for the loss-making national carrier, given that the government's terms are 'too onerous'. The Tata Group already owns stakes in two airline joint-ventures - Vistara and AirAsia.
The government has decided to put the debt-ridden airline on the block and plans to divest a 76 per cent stake in it. While it wants to divest a 100 per cent stake in Air India Express Ltd, it seeks to shed 50 per cent of its holdings in Air India SATS Airport Services Pvt. Ltd by May 28.
13/04/18 Business Today