Home / News Updates / Air India finds no takers as closing date for submitting passion ends – Cases of India

Air India finds no takers as closing date for submitting passion ends – Cases of India

photo - Air India finds no takers as closing date for submitting passion ends - Cases of India

NEW DELHI: The manager’s list to dump loss-ridden
Air India has approach a cropper with out a longer a single entity exhibiting passion within the nationwide carrier till Thursday, the last day for doing so.

“As truly handy by the transaction adviser, no response has been received for the expression of passion (EoI) floated for the strategic disinvestment of AI. Extra course of action will be decided wisely,” the aviation ministry tweeted after 5 pm, the closing date for submissions.

Civil aviation minister Suresh Prabhu and his deputy Jayant Sinha opted to preserve nonetheless on the failed attempt and promote the cash-guzzler even as they were busy tweeting a pair of have-up within the economic system.

Master - Air India finds no takers as closing date for submitting passion ends - Cases of India

Aviation secretary R N Choubey, who had on Wednesday expressed hope that bids would approach even at the last hour, said on Thursday the manager had anticipated better response.

“It didn’t meet the expectations of participation that we had. Inputs will be taken from the transaction adviser on what went scandalous and the understanding is to attain the alternate mechanism (AI GoM) for alternatives interior a pair of weeks,” Choubey said, with out commenting on whether AI privatisation will happen within the last tenure of this executive.

“We would no longer need AI to lose market allotment and might possibly perchance perchance even honest discuss about permitting the carrier to continue with their expansion plans meanwhile (getting extra planes and along with routes, which were positioned on retain as a consequence of the planned divestment),” Choubey said, indicating executive will switch with out discover in going during the recount limited one.

Airline executives, consultants and even executive officers listed a complete lot of complications that the manager will have to unravel to diagram clear that the Maharaja will get a taker. In any other case, no “bakra”— as inclined aviation minister A G Raju had said — will be stumbled on for the airline.

The most predominant complications troubling investors are — fate of AI’s 27,000-solid team; Rs 50,000-crore debt-cum-losses; executive providing Seventy six% within the airline and retai

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