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Tata Sons among multiple bidders in race to buy Air India

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Salt-to-software conglomerate Tata Group was among “multiple” entities that on Monday put in preliminary bids for purchasing the federal government’s stake in loss-making service Air India.

“Multiple expressions of interest have been received for strategic disinvestment of Air India. The Transaction will now move to the second stage,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted.

He, nevertheless, didn’t reveal both the id of the bidders or the variety of bids acquired for purchasing the nationwide service.

Sources mentioned Tata Sons, the holding firm of the Tata Group, has put in an Expression of Interest (EoI) on the shut of the deadline on Monday.

It was not, nevertheless, instantly clear if Tatas have bid alone or in consortium with an airline.

An official mentioned transaction advisor will inform bidders earlier than January 6, if their bids have been certified.

Qualified bidders will then be requested to submit monetary bids.

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