Advertisement
Monday, Jan 17, 2022
Outlook.com
Outlook.com

Tata Sons, SpiceJet's Ajay Singh Submit Financial Bids For Air India, Window For Bids Closed At 6pm Today

The government is seeking to sell 100 per cent of its stake in the state-owned national airline, including Air India's 100 per cent shareholding in AI Express Ltd and 50 per cent in Air India SATS Airport Services Private Ltd.

Tata Sons, SpiceJet's Ajay Singh Submit Financial Bids For Air India, Window For Bids Closed At 6pm Today
Representational Image | PTI
Tata Sons, SpiceJet's Ajay Singh Submit Financial Bids For Air India, Window For Bids Closed At 6pm Today
outlookindia.com
2021-09-15T18:39:49+05:30

Tata Sons and SpiceJet Chairman Ajay Singh on Wednesday submitted their financial bids for national carrier Air India (AI). "Financial bids for Air India disinvestment received by Transaction Adviser. Process now moves to concluding stage," Secretary, Department of Investment and Public Asset Management (DIPAM) said earlier in the day.

According to reports, AI is expected to get privatized by December, if bids are satisfactory, TV news channel ET Now reported. Tata Group has been keen on the AI divestment process for quite some time now. In 2018, the national carrier failed to find bidders when a 76 per cent stake was on offer. The government has since then decided to go for a complete stake sale.

Air India’s current debt stood at about Rs 43,000 crore, and of that, Rs 22,000 crore would be transferred to the Air India Asset Holding Limited (AIAHL). Subsidiaries Air India Engineering Services and Air India Air Transport Services will also be part of AIAHL. The government might choose to monetise these assets to pay off AI’s debt before it is passed on to its new owners. The government might also have to absorb at least Rs 20,000 crore more of debt due to fund losses.

Aviation minister Jyotiraditya Scindia had earlier said that the government would stick to the September 15 deadline for the process.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement