New owners of debt-ridden national carrier Air India will be decided by May-end, aviation minister Hardeep Singh Puri said on Friday. "There was a meeting yesterday and it has been decided that we will close the financial bids within 64 days. Post that, it will be the decision and announcement on who gets it (Air India)," he said at the second day of the Indian Economic Conclave.
Puri's statements hint that the much-awaited sale of Air India, delayed first by unfavourable criteria and later by the pandemic, might be in its final lap. "The new owners of the airline will be able to run the airlines with a management that knows how to run the airline, which could otherwise be used for developing other sectors like roads, rural development, etc," he added.
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According to media reports, a group led by SpiceJet Chairman Ajay Singh, Ras Al Khaimah Investment Authority and Delhi-based Bird Group's Ankur Bhatia have joined the race to bid for 100 per cent stake in Air India. Both Singh and Bhatia have bid in their personal capacity, ET reported citing sources.
The Singh-Bhatia consortium has been shortlisted after it submitted its Expression of Interests for Air India in December last year. The group is expected to be a potential bidder along with the Tata Group, the frontrunner.
The process to invite financial bids is likely to start by March-end. Even if the new owners are decided by May-end, it will take another six months for the complete transfer of assets.
