Finance
By: Shree1news, 14 DEC 2020
Salt-to-software conglomerate Tata Group was amongst “multiple” entities that on Monday put in preliminary bids for buying the government’s stake in loss-making carrier Air India.
“Multiple expressions of interest have been received for strategic disinvestment of Air India. The Transaction will now move to the second stage,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted.
He, however, did not reveal either the identity of the bidders or the number of bids received for buying the national carrier.
Sources stated Tata Sons, the holding firm of the Tata Group, has put in an Expression of Interest (EoI) on the close of the deadline on Monday.
It was not, however, immediately clear if Tatas have bid alone or in consortium with an airline.
An official stated transaction advisor will inform bidders earlier than January 6, if their bids have been qualified.
Qualified bidders will then be requested to submit financial bids.
Source: A-N
