Wednesday, December 16, 2020

US-based Interups ready to invest Rs 13,500 cr in Air India: Report

Interups, a US-based fund on Tuesday said it has Rs 13,500 crore as available capital for investment in Air India. The company is all set to invest "billions of dollars" in the Indian aviation sector, as reported by a Business Standard today.

With a market capitalisaton of only $28 million, the US OTC-listed firm has already bid for several bankrupt companies in India including Lavasa Corporation, Asian Colour Coated Steel and Reliance Naval.

It has not won a single company yet and lenders say they want to see how Interups will arrange for funds for its acquisitions in India before taking any call on its bids.

United States-based fund Interups Incorporated is expected to put forward its bid for troubled national carrier Air India (AI) soon.

Interups’ bid includes an Infrastructure Investment Trust (InvIT) structure that will subsume the airline’s revenue generating arms – separated from core operations – to encourage participation from institutional investors, the business daily reported.

It has already completed its valuation of Air India and has initiated talks with Indian banks and investors for a joint bid through the InvIT route, it added.

15/12/20 FreePressJournal

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