New Delhi: On Wednesday, the government has moved a step closer to selling Air India as final financial bids for the cash-strapped airline have been submitted. Two parties have submitted bids to acquire Air India.
Tata Sons is one of the parties who have put down a financial bid for Air India, as a company spokesperson confirmed to Business Standard. Another bid has been submitted by SpiceJet promoter Ajay Singh. The bid was placed by Singh in his personal capacity. According to reports, Singh is looking to form a consortium to acquire Air India.
Today was the last day to submit financial bids for Air India. ‘Financial bids for Air India disinvestment received by Transaction Adviser. The process now moves to the concluding stage,’ said DIPAM Secretary. This is a major development in Air India’s divestment process, which has been hampered by the Covid-19 pandemic.
In 2018, the government floated an offer to sell 76 per cent of Air India but failed to attract a buyer. The government is now considering selling all of its stakes in Air India. It includes all of Air India and Air India Express, as well as a 50 percent stake in AISATS.
Currently, Air India owns a minimum of 4,400 domestic slots and 1,800 international slots at domestic airports. Additionally, it has 900 slots abroad.