No Bidders For Air India Yet As Deadline Ends Today

No Bidders For Air India Yet As Deadline Ends Today

The Union government has not received any bids so far for its stake in state-run carrier Air India, aviation secretary RN Chaubey said on Wednesday, a day before the formal bidding process closes.

The government will not extend the deadline for submissions of interest in Air India, Choubey said.

The aviation secretary further added that the government meant to signal to the market that complete freedom would be given to the buyer of Air India, but said he could not comment on whether the end of 2018 would continue to remain the target for the stake sale. "Further course of action will be decided appropriately", the Ministry of Civil Aviation said after the deadline for sending bids passed. EY is the transaction adviser to the government for strategic disinvestment.

On May 1, the government clarified its stand on over 160 queries it received from the interested bidders over the disinvestment of Air India and its subsidiaries. The national carrier's debt burden was about Rs 50,000 crore at the end of March 2017.

On Tuesday, the CBI named AirAsia India, its officials as well as AirAsia Berhad in an FIR for allegedly trying to manipulate government policies through corrupt means to get global licence for its Indian venture.

Experts said the terms of the sale have to be revised to go ahead with the privatization of the loss-making national carrier. "We are in a better position to understand what the market wants. It is beneficial to buyers that government would take care of half of its debt", said Sinha earlier.

More news: Microsoft remembers they have a music player on Android, discontinues it
More news: Oil slides amid 'lack of clarity' on OPEC and record USA production
More news: GM's autonomous vehicle unit receives $2.25 billion boost from investment firm

Air India, at the time of putting its business on sale, made it clear that victor should not merge the airline with an existing business as long as government holds a stake in it. He indicated that there could be a rethink on the disinvestment strategy.

One key concern of investors was the level of management flexibility available to them with the government retaining 24% stake and all attendant shareholder rights available to it under law, rather than opting to remain as a minority financial investor. He asserted that the government will ensure that the airline does not face "any operational difficulties following the latest developments".

The government had earlier extended the deadline to receive initial bids for 76 per cent stake sale from May 14 to May 31.

In April, several media reported that Jet Airways ruled out a bid for Air India.

Civil aviation secretary Rajiv Nayan Choubey and senior ministry officials were seen meeting at the secretary's chamber and frequently coming out to make calls. Air India has struggled to deal with competition from the private sector, thereby, increasing the bailout pressure on the government constantly over the years.

Related Articles

  • Pro-Choice Campaigners Test Law In Northern Ireland By Swallowing Abortion Pills

    Pro-Choice Campaigners Test Law In Northern Ireland By Swallowing Abortion Pills

    Some British lawmakers are calling on Prime Minister Theresa May's government to change Northern Ireland's abortion law. Gomperts said three women had swallowed abortion pills but it was unclear if they were pregnant.
    Roseanne Barr 'begged' ABC for job back; new music; NOFX apologizes; more

    Roseanne Barr 'begged' ABC for job back; new music; NOFX apologizes; more

    I told them I was willing to do anything and asked for help in making things right. I'd worked doing publicity4 them 4free for weeks, traveling, thru bronchitis.
    Babchenko says he was covered in pig's blood for fake death ruse

    Babchenko says he was covered in pig's blood for fake death ruse

    Ukrainian authorities said the goal of the staged murder was to catch the people who'd actually been planning to kill Babchenko. He said he was told that $40,000 had already been transferred for the alleged assassination attempt.
  • Trump's teasing jobs report tweet raises questions

    Trump's teasing jobs report tweet raises questions

    It is extremely closely held and kept under tight control until it is released at 8:30 a.m. on the first Friday of each month. Trump's post was also seen as heightening an already intense focus on Trump's Twitter handle by market participants.
    Pokemon: Let's Go, Pikachu & Pokemon: Let's Go, Eevee

    Pokemon: Let's Go, Pikachu & Pokemon: Let's Go, Eevee

    The new games will take place in the Kanto Region of the fictional Pokemon world, which is home to the original 151 Pokemon . First, with Pokemon Go, which had players get up and walk around to catch Pokemon and now with the the Pokeball accessory.
    Key dates in the history of the Trans Mountain pipeline — TIMELINE

    Key dates in the history of the Trans Mountain pipeline — TIMELINE

    The prime minister reiterated his intentions to get the line completed as he headed into a meeting with his cabinet Tuesday. She opposed it specifically for that reason, unlike most other opponents who have cited fear of oil spills.
  • Trump signs 'Right to Try' bill for terminally ill patients

    Trump signs 'Right to Try' bill for terminally ill patients

    The bill also offers some legal protections for pharmaceutical companies, doctors or others involved in providing the treatment. Joe Donnelly of IN was among the bill's sponsors.

    Trump lawyers to Mueller: Trump can not be forced to testify

    They have been trying to sway Mueller away from seeking a subpoena to force Trump to testify before a grand jury. Negotiations between Trump's lawyers and the special counsel on a possible interview have continued since.

    Memorial Tournament -- Tiger Woods cards 4-under 68 in third round

    Woods led the field in proximity to the hole Friday, and he hit another dart to within 10 feet to set up a birdie at the sixth. Woods was more focused on his own game than impressed with the young rising star from Chile.
  • Lingard to start for England in Nigeria friendly

    Lingard to start for England in Nigeria friendly

    It's a distraction you don't need, but it's one of those I've learned to deal with now and block out". I don't see why we should be involved in policing that", said the England manager.
    Hotel valet has lucky escape, but Porsche gets crunched

    Hotel valet has lucky escape, but Porsche gets crunched

    While attempting to park the Porsche, the auto reportedly accelerated and ended up under an orange sports utility vehicle (SUV). The incident happened around 8:20 a.m. outside Sydney's Hyatt Regency Hotel in Darling Harbour, reported ABC .
    FCA set to reform high-cost lending - Debt

    FCA set to reform high-cost lending - Debt

    The CCTA - a trade body representing over 300 lenders in the consumer credit industry - does, however, "welcome" the changes. The FCA will furthermore look into tackling the home-collected credit sector, as well as catalogue and store cards.