Advertisement
Thursday, Dec 09, 2021
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

Bipin Rawat Chopper Crash | A Nation Mourns

Bipin Rawat Chopper Crash | A Nation Mourns

The IAF helicopter which crashed near Coonoor in Tamil Nadu, was flying from Sulur Airbase to Wellington with 14 personnel including senior officials on board.

Obituary | CDS General Bipin Rawat - A Saga Of Valour And Excellence

Obituary | CDS General Bipin Rawat - A Saga Of Valour And Excellence

General Bipin Laxman Singh Rawat held the status of a four star general of the Indian Army. He took over as the 27th Chief of Army Staff (COAS) on December 17, 2016.

Rohit Sharma Completes Indian Cricket's Limited-Overs Takeover

Rohit Sharma Completes Indian Cricket's Limited-Overs Takeover

The BCCI on Wednesday appointed Rohit Sharma as the captain of India's ODI team ahead of the upcoming tour of South Africa. Rohit was already T20 skipper.

IAF’s Mi-17V5: All About The Helicopter That Crashed Carrying India First CDS Bipin Rawat

IAF’s Mi-17V5: All About The Helicopter That Crashed Carrying India First CDS Bipin Rawat

IAF’s Mi-17V5 helicopter is one of the most advanced military aircrafts equipped with advanced technology to help it to traverse adverse climatic and war situations.

Advertisement