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Tata, Spicejet left in race to acquire Air India, other EoIs rejected: report
08 March 2021
Tata Group and private airline Spicejet are the only remaining bidders for acquiring Air India as all the other expressions of interest (EoI) have been rejected after evaluation, reports citing sources close to the development said.
The odds seem to favour Tata Sons, which is reported to be planning consolidation of its aviation business comprising the two joint ventures of Air Asia and Vistara.
The group is also reported to be setting up a strategy team headed by group chief financial officer Saurabh Agrawal to explore various possible solutions such as mergers and on rebranding its airline ventures, reports citing sources close to the development said.
Air India Employess’ consortium out of bid race The government is looking to complete the process of the airline’s privatisation by next fiscal
The proposal of the employees of Air India to take over the running of the ailing carrier has been rejected by the transaction adviser, leaving the Tatas as the favourite in the privatisation race along with Pawan Ruia and SpiceJet promoter Ajay Singh .
“The financial bids would be called soon as the first stage of the process is over,” sources said.
The employees had partnered a Seychelles-based fund for the venture. Transaction adviser EY had questioned the operations of the fund which led to the rejection.
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.
Air India Employees Consortium disqualified from AI divestment process newindianexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newindianexpress.com Daily Mail and Mail on Sunday newspapers.
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.