On Wednesday, the Finance Ministry said that a financial bid has been received by Debt-laden airline Air India for its disinvestment process. The secretary, Department of Investment and Public Asset Management Tuhin Kanta Pandey wrote on Twitter, “Financial bids for Air India disinvestment received by Transaction Adviser. The process now moves to conclude stage.”
A bid has been put for Air India says a spokesperson of Tata sons to PTI. As it was made clear by Aviation Minister Jyotiraditya Scindia that by September 15 the centre begins the process of financial bids for the national carrier and the process of it will remain fix and will not be changed.
In 2018, as the government failed to get any buyer for a 76% stake in Air India, it is expected by the central government to get at least two buyers to complete the sale of the national carrier to give financial bids by September 15. As an industry source said to ANI, “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.”
100 percent of stake in the state-owned national airline, including Air India’s 100 percent shareholding in AI Express Ltd and 50 percent in Air India SATS Airport Services Private Ltd is being planned by the government to sell. The stake sale was to begin in January 2020, but due to the COVID-19 pandemic, it got late. It was asked by the government to potential bidders to put in financial bids in the month of April 2020.