- The federal government goals to divest its total stake in Air India earlier than the tip of the fiscal after failing to search out any purchaser for a 76% stake in 2018.
By Rhik Kundu, New Delhi
PUBLISHED ON SEP 30, 2021 06:29 AM IST
Senior authorities officers on Wednesday met representatives of the Tata Group and businessman Ajay Singh, the twwo bidders for Air India, as the federal government evaluates their monetary bids, an individual conscious of the matter mentioned.
The federal government is seeking to conclude the divestment technique of the nationwide service by the tip of the continuing fiscal 12 months and will make an announcement concerning the profitable bidder within the coming days, the particular person added, requesting anonymity.
Based on a second particular person, RBSA Advisors and EY, who’re advising the federal government on the sale, on Tuesday made a presentation on the airline’s valuation to the federal government.
Tuhin Kanta Pandey, secretary of the finance ministry’s Division of Funding and Public Asset Administration (Dipam), didn’t reply to textual content messages.
A spokesperson for Tata Group didn’t instantly reply to a question. Ajay Singh, chairman and managing director of no-frills service SpiceJet Ltd, who has bid for the nationwide service in his private capability, didn’t reply to a textual content.
Press Belief of India on Wednesday reported that the monetary bids for Air India are being evaluated towards an undisclosed reserve value and that the bid providing the very best value above that benchmark could be accepted.
Air India, unprofitable since a merger with the erstwhile state-run Indian Airways in 2007-08, had amassed losses of as a lot as ₹70,820 crore until 31 March 2020, in line with the most recent obtainable information.
The federal government goals to divest its total stake in Air India earlier than the tip of the fiscal after failing to search out any purchaser for a 76% stake in 2018.
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