Shortlisted Air India bidders must submit offer in 2 months as government plans to wind up sale

Photo: Daniel Eledut

Shortlisted bidders for national carrier Air India Limited will have to submit their offer in the next two months as the government hopes to conclude 100% divestment in the airline, civil aviation minister Hardeep Singh Puri said on Saturday.

Speaking to news agency ANI, Puri said, during a meeting to decide on the divestment of the airline on Monday, it was decided that the shortlisted bidders will be have to submit bids within 64 days.

“This time the government is determined and there is no hesitation,” Puri said.

“We’ve decided that Air India will be 100% disinvested. Choice isn’t between disinvestment and non-disinvestment, it’s between disinvestment and closing down. Air India is a first-rate asset but has an accumulated debt of 60,000 crore,” he added.

So far, Tata Group and SpiceJet’s chairman and managing director Ajay Singh along with his consortium of Ras Al Khaimah Investment Authority and Bird Group’s Ankur Bhatia have been shortlisted to bid for the carrier, according to media reports.

It must, however, be noted that the government has in its previous attempt failed to sell the cash-strappeairline.

The government aims to complete the privatization of the national carrier in FY2022.

The article was first published on livemint.com.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.