Tuesday, September 28, 2021

Air India May Get a New Owner by October 15, Financial Bid Likely to Open Tomorrow

Air India, the national carrier’s stake sale bidding process could be completed by October 15, the business channel CNBC-TV18 reported today. The sources told CNBC-TV18 that the government is working towards announcing a winning bid for Air India by October 15, sources informed CNBC-TV18. The financial bids for the airline are likely to be opened tomorrow that is September 29. The disinvestment of Air India is long due and has been in limbo since very long time.

“Tatas are being seen as the front runners for Air India divestment," sources told CNBC-TV18. The deadline for submission of financial bids for Air India ended on September 15. The government said that it received “financial bids" for Air India.

Initially, when Expression of Interests were invited, at that time, four bidders were against each other to take over Air India. Tata Sons, another consortium of some AI employees and Interups, and Spicejet were in the process for taking over Air India. During the phase of inviting biddings, there were rumours that Adani and Hinduja groups were planning to participate in the Air India bids. The proposal to award the Air India bid will need Home Minister-headed Group of Minister’s approval.

Once the bidding for Air India will be done, the winner who will take over the beleaguered Airline will automatically get control of 4,400 domestic and 1,800 international landing and parking slots at domestic airports, as well as 900 slots at airports overseas. In addition to this, 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.

28/09/21 News18.com

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