AI disinvestment process now moves towards conclusion.
The government is seeking to sell 100% of its stake in the state-owned national airline Air India (Representative Image)
The Tatas took another step today to be at the helm of Air India, an airline started by J R D Tata way back in 1932 as Tata Airlines. Sources in the group confirmed that it had put in a financial bid for Air India.
Ajay Singh, promoter of Spice Jet, has also put in a bid, reported the Economic Times. A WhatApps sent to Singh remained unanswered
The confirmation from the Tatas came shortly after DIPAM Secretary, Tuhin Pandey tweeted, “Financial bids for Air India divestment received by Transaction Adviser. Process now moves to concluding stage.”
The Tatas currently have a stake in two airlines---- AirAsia India, which is a low-cost carrier and full service carrier Vistara. There is no clarity on which of the two airlines companies will be the vehicle for the bid.
An Air India employee, when appraised of the news said “AI is saved, it goes back to its owner.”
(This is a developing story. Please check for updates)Tatas, Ajay Singh financial bidders for Air India - Moneycontrol
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