New Delhi: Privatisation of Air India may spill into next fiscal year as the divestment process is unlikely to conclude in the remaining a little over three months of 2020-21, an official said.
Salt-to-software conglomerate Tata Group and US-based fund Interups Inc were among "multiple" entities that put in preliminary bids last week for buying loss-making carrier Air India.
A group of over 200 Air India employees also submitted an expression of interest (EoI) for the carrier in partnership with Interups at the close of the deadline on December 14.
“The Transaction Advisor will inform the qualified bidders by January 6 following which the bidders will be given access to virtual data room (VDR) of Air India,” an official said.
The share purchase pact will be shared with the bidders, following which financial bids would be invited, the official added.
“The transaction will be concluded only in next fiscal as we are expecting bidders to have a lot of queries once they get access to VDR and before they put in their financial bids,” the official told PTI.
The government is selling its entire 100 per cent stake in Air India that has been in losses ever since its 2007 merger with domestic operator Indian Airlines.
The stake sale process got delayed due to the COVID-19 pandemic and the government has extended five times the deadline to submit preliminary bids for the national carrier.
The airline, which started as a mail carrier in 1932, will give the successful bidder control of 4,400 domestic and 1,800 international landing and parking slots at domestic airports, as well as 900 slots at airports overseas.
Besides, the bidder would also get 100 per cent of the low-cost arm Air India Express and 50 per cent of AISATS, which provides cargo and ground handling services at major Indian airports.
20/12/20 PTI/Times of India
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