Tuesday, September 14, 2021

Ajay Singh reportedly looking to form consortium to acquire AI

Calcutta: With just two days left to submit bids for Air India, SpiceJet promoter Ajay Singh is reportedly looking to form a consortium to acquire the national carrier.

Apart from Singh, Tata Sons is keen on the airline. The central government, which has set an ambitious disinvestment target of Rs 1.75 lakh crore for the current fiscal, is looking to complete the Air India sale by December.

In July, minister of state for civil aviation V.K. Singh had informed Parliament the government would receive financial bids till September 15. The Centre recently said for Air India it would not extend the deadline.

The government is selling its entire 100 per cent stake in Air India which has been in the red.

The sale process got delayed because of the pandemic, with the deadline to submit the preliminary bid extended five times.

While there were four bidders in the fray initially, the Tata group and Ajay Singh are now the only two players left in the race.

Singh reportedly is looking to invite partners in a special purpose vehicle (SPV) that will bid for Air India, after creating a $1 billion war chest for the national carrier.

14/09/21 Telegraph

To Read the News in full at Source, Click the Headline


Post a Comment