The government has extended the deadline for submitting expressions of interest in stake sale of Air India by two months to October 30, while intimation to qualified bidders will be done by November 20.
The fourth extension for interested bidders has been given, “as per the requests received from the interested bidders in view of the prevailing situation arising out of COVID-19,” the department of investment and public asset management (DIPAM) said in a statement on Tuesday.
Tata Group has said officially that it has begun due diligence on the airline and may make a formal bid.
The national carrier was put on the block by the government on January 27 while a deadline of March 31 was set. This was extended to June 30 and then to August 31.
The government wants to sell its 100% stake in the national carrier through the divestment process, sweetening the deal from earlier share of 76% as it did not find suitors. It has also reduced the debt of the loss-making airline to Rs 23,286 crore – which the buyers will have to take on – transferring the rest to Air India Assets Holding Ltd.
