‘Financial bids for AI by September 15; no likely impact of Cairn & Devas suits on AI divestment’

NEW DELHI: Financial bids for Air India are expected by mid-September and the government does not foresee some foreign mega corporations suing AI to recover arbitration awards they have won against India to hamper the divestment of the airline.

Union minister for state for aviation General (retired) V K Singh said in a Lok Sabha reply Thursday that: “Multiple expressions of interest (EoI) were received by transaction adviser (TA, for divesting 100% stake in AI). Request for proposal along with draft share purchase agreement have been shared with qualified bidders by the TA on March 30, 2021, for submission of financial bids. The financial bids are likely to be received by September 15, 2021.”