Sale of Air India: Ajay Singh the founder of Tata’s SpiceJet also submitted bid | Latest on Air India sale
Ajay Singh, the founder of SpiceJet, also dropped his financial bid, according to his personal capacity, on the last day of submitting bids by qualified bidders.
Air India sale by government is for real. The government is offering to sell 100% stake in Air India and Air India Express and its entire 50% stake in AI SATS. The government is expecting the new owner to take over Air India by December. According to the sources, the whole process might get executed by the end of this fiscal.
The Department of Investment and Public Asset Management (DIPAM), secretary Tuhin Kanta Pandet, informed by tweeting that “ Financial bids for Air India disinvestment received by transaction adviser. Process now moves to concluding stage.” The steps will include reserve price fixation and security clearances. They said, “We cannot give numbers but there has been more than one financial bid. Ajay Singh had bid as part of a consortium. Evaluation of bid will take 2-3 weeks, will wrap up the sale very soon.”
Air India was founded in the year 1932, by the Tatas. They are seen as the frontrunner for getting the airline back. They must have put Air India bid to the higher end. Previously, in the year 1953 Air India was nationalized. J R D Tata, the chairman of Tata Group had described the nationalization shifted as “Government taking it through the back door.” He even wrote a note to the former Prime Minister Jawaharlal Nehru saying, “I can only deplore that so vital a step should have been taken without giving us a proper hearing.” Air India sale to Tata is not certain yet. However, there are good possibilities for Tata’s to get it back. With the Tata Group bidding for it, Air India might hope for a new start under its core founder.
Author: Sanchalika Nath
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