Air India Disinvestment at Concluding Stage; Transaction Advisor Gets Bids

Transaction Adviser has received financial bids for Air India disinvestment, reported ANI, citing Department of Investment and Public Asset Management (DIPAM). Image used for representation purpose.

(Photo Courtesy: PTI)

Transaction Adviser has received financial bids for Air India disinvestment, reported news agency ANI, citing Department of Investment and Public Asset Management (DIPAM).

The process has now reportedly moved to the concluding stage.

Aviation Minister Jyotiraditya Scindia had, according to NDTV, already made it clear that the 15 September-deadline for the process is fixed and will not change.

The central government, after failing to find any buyer for a 76 percent stake in Air India in 2018, is now expected to complete the sale of the national carrier with at least two buyers expected to submit financial bids by 15 September.

Tata Sons Put a Bid for Air India

Meanwhile, a Tata Sons spokesperson said that it has put in a bid for Air India, news agency PTI reported.

An industry source was quoted as saying, "The Tata Group, through its holding company and SpiceJet chairman Ajay Singh, is likely to make its financial bid for the airline in his personal capacity," ANI reported.

Air India has a debt of around Rs 43,000 crore of which Rs 22,000 crore will be transferred to the Air India Asset Holding Limited (AIAHL).

The Centre is planning to sell a 100 percent stake in the airline and its low-cost subsidiary Air India Express and a 50 percent stake in ground handling company Air India SATS Airport Services Private Limited (AISATS).

Air India at present has control over 4,400 domestic and 1,800 international landing and parking slots at domestic airports as well as 900 slots abroad, Mint reported.

(With inputs from ANI, Mint and NDTV.)