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| Air India sale: Tatas, SpiceJet founder Ajay Singh submit financial bids |
Air India is expected to complete the auction process on Wednesday.
Tata Sons has bid for it. The finance ministry said the airline had received bids from companies, including Tata, for its disinvestment process. The financial bid for the disinvestment of Air India has been received by the transaction advisor, the Department of Investment and Public Asset Management said.
The process is now in the final stages.
Aviation Minister Jyotiraditya Scindia had earlier clarified that the deadline for the process was September 15 and there would be no change. Air India currently has a debt of Rs 43,000 crore, of which Rs 22,000 crore will be transferred to Air India Asset Holding Limited (AIAHL).
Financial bids for Air India disinvestment received by Transaction Adviser. Process now moves to concluding stage. pic.twitter.com/0NxCJxX5Q1
— Secretary, DIPAM (@SecyDIPAM) September 15, 2021
The government is planning to sell 100 per cent stake in the airline and its low-cost Air India Express. The airline currently handles 4,400, 1,800 international and parking slots at domestic airports, as well as 900 slots abroad.
Significantly, Tata founded Tata Airlines in 1932, which was later renamed Air India in 1946. The government took control of the airline in 1953, but JRD Tata remained its chairman until 1977. At the same time, if the deal is confirmed, the airline could return to its original owner after 67 years.
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