Monday, December 14, 2020

Tata Sons expected to submit initial bid for state-run carrier Air India: sources

New Delhi: Tata Sons, India’s autos-to-steel conglomerate, is expected to submit an initial bid for state-run carrier Air India ahead of the auction’s deadline on Monday evening, sources aware of the matter told Reuters.

Prime Minister Narendra Modi’s government in January renewed its push to sell its entire interest in the loss-making airline, which has been kept aloft by a bailout since 2012.

An effort to auction a majority stake almost two years ago drew no bids, forcing the government to ease terms. It has also extended the deadline multiple times this year due to COVID-19 and further eased the terms to attract bidders.

The airline industry around the world has been hammered by a slump in travel due to restrictions aimed at containing the novel coronavirus.

14/12/20 Reuters

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