JOIN USTata Group willing to acquire 15% of Air India's debt: Report
The Tata Group may be willing to acquire around 15 per cent of Air India's total debt as a part of its financial bids to acquire the government's 100 per cent stake in the national carrier, Moneycontrol reported quoting sources.
"The Tata Group as part of its bid has also proposed to negotiate and acquire a certain amount, at max 15 per cent, of Air India's debt if the government is willing to meet certain requirements set by them," a source told the publication. It is reportedly a big part of the discussions between the government and the Tata Group.
DH couldn't independently verify the report.
On Friday, reports suggested that Tata Sons emerged as the top bidder for the takeover of debt-laden state-run airline Air India but the bid is yet to be approved by a group of ministers headed by Home Minister Amit Shah.
Tuhin Kanta Pandey, Secretary to the Department of Investment and Public Asset Management (DIPAM) -- the government department responsible for privatisation -- in a tweet said the Centre has so far not approved any financial bid for Air India.
Media reports indicating approval of financial bids by Government of India in the AI disinvestment case are incorrect. Media will be informed of the Government decision as and when it is taken. pic.twitter.com/PVMgJdDixS
— Secretary, DIPAM (@SecyDIPAM) October 1, 2021
The government is seeking to sell 100 per cent of its stake in the state-owned national airline, including Air India's 100 per cent shareholding in AI Express Ltd and 50 per cent in Air India SATS Airport Services Private Ltd.
The Central government has proposed to wrap up the divestment by the middle of next month with the announcement of a winning bid for the national carrier.
(With inputs from PTI)