New Delhi, December 14
Salt-to-software conglomerate Tata Group and US-based fund Interups Inc were among “multiple” entities that on Monday put in preliminary bids for buying loss-making carrier Air India.
A group of 219 Air India employees submitted an expression of interest (EoI) for the carrier in partnership with Interups at the close of the deadline on Monday.
“Multiple expressions of interest have been received for strategic disinvestment of Air India. The transaction will now move to the second stage,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted.
He, however, did not reveal either the identity of the bidders or the number of bids received for buying the national carrier.
Sources said Tata Sons, the holding company of the Tata Group, has put in an EoI and so did Interups, whose chairman Laxmi Prasad had in the run-up to the disinvestment made his intentions clear to bid for Air India.
It was not, however, immediately clear if Tatas have bid alone or through its budget airline AirAsia India.
A group of 219 Air India employees, each one contributing at least Rs 1 lakh, hold 51% in the bidding consortium. The remaining 49% is with Interups.
An official said the transaction adviser will inform bidders before January 6, if their bids have been qualified.
Qualified bidders will then be asked to submit financial bids. — PTI
Government to sell its entire stake
- The government is selling its entire 100% stake in Air India that has been in losses ever since its 2007 merger with Indian Airlines
- The airline will give a successful bidder control of 4,400 domestic and 1,800 international landing and parking slots at domestic airports and 900 slots at airports overseas
- Besides, the bidder would also get 100% of the low-cost arm Air India Express and 50% of AISATS, which provides cargo and ground handling services at major Indian airports