AI divestment bid: Air India Employees Consortium disqualified from process
AI Employees Consortium submitted an expression of interest , last year, to participate in strategic divestment of the national carrier Air India. (Image Source: File Photo)
Updated: Mar 9, 2021, 05:06 PM IST
Air India Employees Consortium, which participated in the Air India divestment bid, was disqualified from the divestment process by the Transaction Advisor to the Government of India (Ernst & Young LLP) on Monday.
AI Employees Consortium submitted an expression of interest , last year, to participate in strategic divestment of the national carrier Air India.
The Government of India has informed the AI Employees Consortium by an email on Monday that their submission for the Air India disinvestment acquisition process is not fulfilling the eligibility.
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(March 9): A group of Air India Ltd employees has been ruled out of a bidding process to take control of the loss-making national carrier, as the government moves ahead with its years-long attempt to offload the airline.
“I write to you with a heavy heart on the outcome of our bid to acquire Air India,” the airline’s commercial director Meenakshi Malik wrote in a letter to employees dated March 8. “We have been unsuccessful in qualifying to the next phase of the ‘Disinvestment Acquisition process.’”
Citing a letter from Ernst & Young, which is advising the government on the sale, Malik said the group didn’t meet eligibility requirements. They include submitting three years of audited financial statements for foreign consortium members and being an appropriately regulated foreign investment fund. The group of employees partnered with a Seychelles-based fund for the bid.
Air India Employees Consortium Disqualified From Divestment Process Air India Employees Consortium Disqualified From Divestment Process Air India Employees Consortium submitted an expression of interest , last year, to participate in strategic divestment of the national carrier Air India.
Divestment of Air India is still under process
Air India Employees Consortium, which participated in the Air India divestment bid, was disqualified from the divestment process by the Transaction Advisor to the Government of India (Ernst & Young LLP) on Monday. AI Employees Consortium submitted an expression of interest , last year, to participate in strategic divestment of the national carrier Air India. The Government of India has informed the AI Employees Consortium by an email on Monday that their submission for the Air India disinvestment acquisition process is not fulfilling the eligibility.