Tata Group bids for Air India, tendering process in closing phase

0

Representative image

By Ashoke Raj

New Delhi [India], Sept. 15 (ANI): The Tata group made its financial offer on Wednesday for the heavily indebted national carrier Air India (AI), government sources said.

According to sources, the offer of the Tata group is also in the foreground. The Tata winner Air India would be the return of the airline for the conglomerate that transferred the company to government in 1953.

The privatization of the loss-making company Air India is considered one of the most important reforms of this government.

“Financial offers for Air India divestment received by Transaction Advisor. The process is now in the closing phase,” tweeted the secretary of DIPAM.

The winning bid is expected to be announced before the end of this month and the government plans to hand over the airline to the winning bidder by the end of this fiscal year.

Earlier today, the government launched the financial offer process for the indebted national carrier. Aviation Minister Jyotiraditya Scindia has made it clear that the September 15 date for the process is set and will not change.

After failing to find a buyer for a 76% stake in Air India in 2018, the government is expected to finalize the sale of the national carrier with at least two buyers expected to submit financial bids by September 15.

Earlier, industry sources told ANI that the Tata Group, through its holding company, and SpiceJet chairman Ajay Singh, as an individual, would likely make its financial offer for the company. Aerial.

Air India is heavily in debt of around Rs 43,000 crore, of which Rs 22,000 crore will also be transferred to Air India Asset Holding Limited (AIAHL).

The government declined to share details on expectations of the Air India sale.

The Center plans to sell a 100% stake in the airline and its low-cost subsidiary Air India Express, and a 50% stake in ground handling company Air India SATS Airport Services Private Limited (AISATS).

Other properties, including the Air India building in Mumbai, Airlines House in Delhi, will also be part of the deal.

Four acres of land at Connaught Place in Delhi and various housing companies in Delhi, Mumbai and other cities for AI employees and other uses. Air India subsidiaries such as Air India Engineering Services Limited (AIESL) and Air India Air Transport Services Limited (AITSL) will also be part of AIAHL.

Currently, Air India controls over 4,400 domestic and 1,800 international landing and parking slots at domestic airports as well as 900 overseas slots. (ANI)


Source link

Leave A Reply

Your email address will not be published.