New Delhi: As Union Cabinet relaxes norms for NRIs (non-resident Indians) to buy 100 per cent stake in the national carrier, sources in the aviation ministry confirm that two potential buyers have bought access to virtual data room that provides additional information on Air India, Air India Express and AISATS - the three entities that are up for sale.
Virtual data room, which also has draft share purchase agreement (SPA), can be bought by potential buyers of Air India on the payment of (non-refundable) fees of Rs 1 crore. So far, two bidders have bought access to this service highlighting their keen interest in acquiring Air India along with its subsidiaries. Virtual data room covers wider details about Air India and its subsidiaries which are not part of the EoI (expression of interest) document floated by the government in January.
"Interested bidders also have the option to access the virtual data room containing additional information about companies as well as the draft share purchase agreement prior to submitting the EoI," the sale document says.
On January 27, the government had released the preliminary information memorandum (PIM) inviting the EoI from prospective buyers of Air India and its two subsidiaries. Under the sale process, the government intends to sell 100 per cent stake in Air India and Air India Express, and 50 per cent stake in the ground-handling arm AISATS (Air India SATS Airport Services Private Limited).
05/03/20 Manu Kaushik/Business Today
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Virtual data room, which also has draft share purchase agreement (SPA), can be bought by potential buyers of Air India on the payment of (non-refundable) fees of Rs 1 crore. So far, two bidders have bought access to this service highlighting their keen interest in acquiring Air India along with its subsidiaries. Virtual data room covers wider details about Air India and its subsidiaries which are not part of the EoI (expression of interest) document floated by the government in January.
"Interested bidders also have the option to access the virtual data room containing additional information about companies as well as the draft share purchase agreement prior to submitting the EoI," the sale document says.
On January 27, the government had released the preliminary information memorandum (PIM) inviting the EoI from prospective buyers of Air India and its two subsidiaries. Under the sale process, the government intends to sell 100 per cent stake in Air India and Air India Express, and 50 per cent stake in the ground-handling arm AISATS (Air India SATS Airport Services Private Limited).
05/03/20 Manu Kaushik/Business Today
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