Tata Group Likely To Bid For Air India

As per some media reports, Tata Group is likely to file an expression of interest (EoI) for cash-strapped national carrier Air India Limited on Monday. The deadline to submit the expression of interest (EoI) is 5 pm today.

As per the source, the Tata group will use Air Asia as a vehicle where Tata Sons have a significant majority stake.

In August, a spokesperson of Tata Sons has told a publication that bidding is going to be discussed when due diligence is complete.

The spokesperson had also confirmed that there’s no plan to bring in a financial partner. a couple of other airlines are believed to have an interest in bidding for Air India Express separately.

Also, a report published in the Economic Times, indicates that Tata Group has engaged top legal firms and consultants to conduct the due diligence before bidding for Air India.

Meanwhile, US-based Interups Inc’s Chairman Laxmi Prasad has announced that his company will bid for Air India today.

A group of 500 employees of Air India, too, is probably going to put an expression of interest.

Provisional figures show Air India’s total debt at ₹58,351.93 crores as of March 31, 2019. the govt. is offering a 100 percent stake in the national carrier to potential bidders besides relaxing a substantial part of the airline’s debt.

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