The federal government has prolonged the deadline for Air India’s divestment by two extra months owing to the continuing coronavirus pandemic. The final day to submit the expression of curiosity (EoI) and intimating certified bidders has been prolonged to August 31 from June 30 earlier and September 14 from July 14, respectively, Division of Funding and Public Asset Administration (DIPAM) mentioned on Saturday. It is for the third time that the divestment strategy of the nationwide provider has been prolonged after it started in January.
“The above modifications are as per the requests obtained from the IBsin view of the prevailing scenario arising out of COVID-19.Additional modifications with respect to the Necessary Dates, if any, will likely be communicated to the Bidders subsequently,” it added.
The sooner deadline for submission of expression of curiosity was March 17. It was later prolonged to April 30, after which to June 30.
Authorities earlier this 12 months introduced its plans to promote its whole stake in Air India, in a revised push to promote its nationwide provider after an preliminary try to promote a majority stake within the airline failed to attract a single bid in 2018.
In 2018, India had tried to promote a 76% stake in Air India and offload about $5.1 billion of its debt, phrases that potential consumers on the time considered as too onerous.
Air India, recognized for its Maharaja mascot, has a few of India’s most profitable worldwide and home touchdown and parking slots which might be key for airways.
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