Air India transaction adviser has rejected 5 expressions of interest (EoIs) for lack of proper documentation, sources informed CNBC-TV18.
There are sufficient EoIs for Air India stake sale and currently, the due diligence process is underway, they added.
On Tuesday, the bid submitted by a group of over 200 Air India employees in partnership with a Seychelles-based foreign fund was also disqualified from the Air India divestment process.
The transaction advisor, Ernst & Young LLP, informed the employees' group led by Director Commercial Meenakshi Malik, that the expression of interest and the supporting documents submitted do not fulfill the eligibility requirements set out in the preliminary information memorandum.
EY has pointed out that the consortium of employees has not submitted three years of audited financial statements for its foreign consortium member and the foreign partner is not an appropriately regulated foreign investment fund as defined in the PIM.
10/03/21 Sapna Das/CNBC TV18
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