Financial bids for Air India expected by 15 September

By Livemint

The government expects to receive financial bids for national carrier Air India Ltd by 15 September, after multiple expressions of interest (EoIs) were received for the divestment of the national carrier, minister of state for civil aviation, V.K. Singh, informed the Lok Sabha on Thursday.

“The last date for the submission of EoIs was 14 December 2020. Multiple EoIs were received by the transaction adviser (EY),” Singh said in a written response to questions in the upper house of Parliament.

Addressing queries from members of parliament Manish Tewari, and Mimi Chakraborty, Singh said that requests for proposal (RFPs) along with draft share purchase agreements (SPAs) have been shared with qualified interested bidders (QIBs) by the transaction adviser on 30 March 2021 for submission of financial bids.

“The financial bids are likely to be received by 15 September 2021,” Singh added.

The divestment process for Air India has been delayed by a few months due to the ongoing pandemic and also due to long-drawn processes such as physical inspection of assets by potential bidders, Tuhin Kanta Pandey, secretary of the department of investment and public asset management (Dipa), the nodal agency involved in the divestment process of the national carrier, had said at the Mint India Investment Summit 2021 in April.

Short-listed bidders for the national carrier will now have to submit their offer as the government hopes to conclude 100% divestment in the airline before the end of the ongoing fiscal.

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