Air India: 209 employees of the company and Tata group bid
Several companies, including the Tata group, have made initial bids for the acquisition of loss-making state-run Air India. Meanwhile, 209 senior employees of Air India have also participated in the bid. Meanwhile, Secretary of the Department of Investment and Public Asset Management (DIPAM) Tuhin Kant Pandey tweeted that several interest papers have been received for the strategic disinvestment of Air India. The deal will now go to the second phase. However, he did not reveal the names of the bidders for the acquisition. According to sources, Tata Sons, the holding company of the Tata group, submitted a letter of interest before the deadline expired on Monday. However, it is not known whether Tata has bid alone or together with others. The deal advisor will inform the bidders whose bids are found eligible before January 6, an official said. The eligible bidders will then be asked to submit financial bids.
… then for the first time employees will buy government company
A group of 209 employees participated in a bid for a 50 percent stake with Interups Inc., a US-based private equity firm. This has been confirmed by Laxmi Prasad, chairman of the American company. If the matter is formed, it will be the first case in the corporate history of the country, when its own employees will buy a government company.
Air India’s ‘homecoming’ possible after 67 years
In fact, the Tata group has submitted a letter of interest to buy the debt-ridden Air India. Tata is believed to have used Air Asia India for this, in which Tata Sons has a higher stake. However, Air Asia India CEO Sunil Bhaskaran declined to comment in this regard. If the deal is confirmed, the airline may have a ‘comeback’ after 67 years. The Tata group started Air India in October 1932 under the name of Tata Airlines, which was taken over by the Indian government in 1953.
60 thousand crore loan on the airline company
The government has invited bids to sell its 100 percent stake in Air India. Along with this, a 100% stake of Air India will also be sold in Air India Express Limited. A 50 percent stake in Air India SATS Airport Services Private Limited will be sold. Currently, Air India has a debt of 60,074 crore, but after the acquisition, the buyer will have to pay only Rs 23,286.5 crore. The remaining debt will be transferred to Air India Asset Holdings Limited, created for a specific purpose. This means that the rest of the debt will be raised by the government itself.
