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Thursday, January 21, 2021

Tata Sons among multiple bidders in race to buy 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.

By: PTI | New Delhi | Updated: December 14, 2020 8:17:51 pm
An Air India Ltd. aircraft prepares to land at Chhatrapati Shivaji International Airport in Mumbai, India, on Monday, July 10, 2017. (Photographer: Dhiraj Singh/Bloomberg)

Salt-to-software conglomerate Tata Group was among “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 said Tata Sons, the holding company of the Tata Group, has put in an Expression of Interest (EoI) at 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 said transaction advisor will inform bidders before January 6, if their bids have been qualified.

Qualified bidders will then be asked to submit financial bids.

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