Civil Aviation Minister Jyotiraditya Scindia assured that the process of selling government stake in Air India is underway. Speaking to reporters in Srinagar on Saturday, the Minister informed that the technical bids for the National Flag Carrier are being analyzed before the financial bids are opened.
“We have received technical bids and financial bids which are in sealed envelopes. At present the technical bid is being scrutinized. The financial bids will be opened only after scrutiny of the technical bids,” the civil aviation minister said.
He said that the process privatization of air india is on and it will reach its climax. “We will notify you as we move forward with the process.”
Scindia, however, did not disclose the number of bids received for the debt-ridden national carrier.
“Till the time the process of investigation is on, I will not give any details. Until then, you guess that’s as good as me,” Scindia said.
Several financial bids have reportedly been received for the airline, but specific details about the bids are not yet available.
Earlier reports have indicated that Tata Sons, the holding company of India’s largest conglomerate, and SpiceJet chief Ajay Singh are involved. bidders who have submitted financial bids for the acquisition of state-owned Air India.
Financial bids will be evaluated on the basis of an undisclosed reserve price and bids that offer a price higher than that benchmark will be accepted. The bid will be initially scrutinized by the Transaction Adviser before the proposal is sent to the cabinet for approval.
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