No bidders for Air India's stake sale: Government

Jun 01, 2018, 08:10 IST | Agencies

"As informed by the transaction adviser, no response has been received for the Expression of Interest floated for the strategic disinvestment of Air India," the Civil Aviation Ministry said in a tweet

Air India

In a major setback to the Air India disinvestment process, the government said no initial bids were received for the proposed strategic stake sale of the debt laden airlines by the deadline on Thursday.

"As informed by the transaction adviser, no response has been received for the Expression of Interest floated for the strategic disinvestment of Air India," the Civil Aviation Ministry said in a tweet. "Further course of action will be decided appropriately," it added.

The government has proposed to offload 76 per cent equity share capital of the national carrier as well as transfer the management control to private players, as per the preliminary information memorandum.

The transaction would involve Air India, its low cost arm Air India Express and Air India SATS Airport Services Pvt Ltd. The latter is an equal joint venture between the national carrier and Singapore-based SATS Ltd.

AirAsia likely to face money laundering case
The ED is likely to register a money laundering case against AirAsia Group CEO Tony Fernandes and others accused of violating FDI norms and allegedly attempting to get the rules tweaked for a licence for its joint venture AirAsia India Ltd to operate international flights, sources said. The ED has sought details of the case from the CBI, which filed a criminal case naming "unknown public servants" of the Civil Aviation Ministry, the then Foreign Investment Promotion Board, along with R Venkataramanan, director, AirAsia India, and T Kanagalingam, deputy CEO, AirAsia Group.

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