Employees out of reckoning to run Air India - The Hindu BusinessLine

Employees out of reckoning to run Air India
March 08, 2021
Transaction advisor spells out three reasons for disqualifying Expression of Interest
Air India employees have been unsuccessful in their bid for being the new owners of Air India.
In a three-page letter to employees, Meenakshi Mallik, Commercial Director, has said that she has seen an email from the transaction advisor EY to the government, informing the employees of AI that they have been unsuccessful in qualifying for the next phase of the ‘Disinvestment Acquisition’ process.
The letter spells out three reasons for the Expression of Interest of the employees being disqualified. The reasons are non-submission of required three years audited financial statements for foreign consortium member, non-submission of information or details by interested bidders for investments in offshore companies, which forms a substantial part of the net worth of the foreign consortium member, and the foreign consortium member not being an appropriately regulated foreign investment fund as defined in the Preliminary Information Memorandum.

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