India

Air India Financial Bid Likely to Open Tomorrow

By
OB Bureau

New Delhi: The financial bids for Air India are likely to be opened on Wednesday and the winning bid could be announced by October 15, CNBC-TV18 reported.

“Tatas are being seen as the front runners for Air India divestment,” sources told CNBC-TV18. The deadline for submission of financial bids for Air India ended on September 15. The government said that it received “financial bids” for Air India.

Tata Sons, another consortium of some AI employees and Interups, and Spicejet were in the process of taking over Air India initially when Expression of Interests was invited.

The proposal to award the Air India bid will need Home Minister-headed Group of Minister’s approval.

The winner will get control of 4,400 domestic and 1,800 international landing and parking slots at domestic airports, as well as 900 slots at airports overseas in addition to 100 per cent of the low-cost arm Air India Express and 50 per cent of AISATS, which provides cargo and ground handling services at major Indian airports.

Tatas were also the potential bidders when the government tried to sell a stake in Air India in 2001 and 2017.

Notably, Air India posted a net loss of Rs 3,836.78 crore in FY16, Rs 6,452.89 crore in FY17, Rs 5,348.18 crore in FY18, Rs 8,556.35 crore in FY19 and Rs 7,982.83 crore in FY20 as per provisional figures.

OB Bureau

Recent Posts

Chief Justice Chandrachud’s Last Day At Work: ‘Forgive Me If I Ever Hurt Anyone’

New Delhi: It was the last day in office for Dhananjaya Yeshwant Chandrachud as Chief…

November 8, 2024

Orissa HC Refuses To Quash FIR Against Lawyer Accused Of Taking Money From Client To Bribe Judge

Cuttack: The Orissa High Court has refused to quash a criminal case against a lawyer…

November 8, 2024

Low Pressure Over Bay Of Bengal In 48 Hours; Check Forecast For Odisha

Bhubaneswar: The cyclonic circulation over southwest Bay of Bengal is likely to intensify into a…

November 8, 2024

Congress Activists Hurl Eggs At Odisha HE Minister’s Residence In Bhubaneswar; Know Why

Bhubaneswar: Activists of the students’ wing of Odisha Congress staged a demonstration and threw eggs…

November 8, 2024

Love Jihad? Kashmiri Youth Held In Bhubaneswar For ‘Blackmailing’ Woman For Marriage

Bhubaneswar: Mahila Police in Bhubaneswar on Friday detained a Kashmiri Muslim youth, Samir Mansoor, for…

November 8, 2024

Woman RI Faints After Tehsildar’s Phone Call In Odisha; Husband Moves Police Alleging Mental Torture

Keonjhar: A woman Revenue Inspector (RI) reportedly fainted after Ghasipura Tehsildar in Odisha’s Keonjhar district…

November 8, 2024

Rs 7.3 Lakh Looted From GSK Employee In Broad Daylight In Odisha’s Balangir

Balangir: In a daring act, unidentified miscreants allegedly looted Rs 7.3 lakh cash from a…

November 8, 2024

Don’t Give Into Blackmailing, Immediately Report To Police: Cuttack DCP

Cuttack: Following the alleged gangrape of a college girl, Cuttack DCP Jagmohan Meena on Friday…

November 8, 2024