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Air India seeks bidders with a net worth of Rs 3,500 crore

India

New Delhi: Bidders for the national carrier, Air India will need to have a minimum net worth of Rs 3,500 crore – whether as sole bidder or a consortium.

The government on Monday kicked off the strategic disinvestment of Air India with Ernst & Young, transaction advisor issuing an expression of interest by the Government of India (GOI) for advising and managing the proposed strategic disinvestment of Air India Limited (AI) by way of transfer of management control and sale of 100 percent equity share capital of AI held by GOI.

AI inter alia holds 100 percent equity share capital of Air India Express Limited (“AIXL”) and 50 percent equity share capital of Air India SATS Airport Services Private Limited (“AISATS”) (together with AI and AIXL referred to as “Companies”). The Expression Of Interest (EOI) prescribes the financial capability conditions for the interested bidders. For submitting the EOI and for being considered for subsequent qualification for Stage II of the Proposed Transaction, the IB (whether a sole bidder or a consortium) will have to satisfy the criteria of having a minimum net worth of Rs 35,000 million or Rs 3,500 crore. (IANS)

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