INSUBCONTINENT EXCLUSIVE:
Tata Sons and SpiceJet have officially submitted their respective bids for the Air India sale on Wednesday
The bidding process has now moved to the concluding stage.Air India received financial bids for its disinvestment process, Finance Ministry
"Financial bids for Air India disinvestment received by Transaction Adviser
stated.Aviation Minister Jyotiraditya Scindia had earlier made it clear that September 15 deadline for the process is fixed and will not
change.Tatas set up Tata Airlines in 1932, which was later in 1946 renamed as Air India
The government took control of the airline in 1953 but JRD Tata continued to be its chairman till 1977.At present, Tata operates Vistara in
partnership with Singapore Airlines and AirAsia India in partnership with Malaysia's AirAsia.Air India has a debt of Rs 43,000 crore of
which Rs 22,000 crore will also be transferred to the Air India Asset Holding Limited (AIAHL).The government is planning to sell a 100%
stake in the airline and its low-cost arm Air India Express
And a 50% stake in ground handling company Air India SATS Airport Services Private Limited (AISATS).Other properties which include Mumbai's
international landing and parking slots at domestic airports as well as 900 slots abroad.An attempt to auction Air India's majority stake
almost three years ago drew no bids
The forced the Centre to ease certain terms this time.The government has also extended the deadline several times due to COVID-19 pandemic.
