Tata Sons submits financial bid for Air India, SpiceJet's Ajay Singh still in the race

Tata Sons has submitted a financial bid for Air India, among other bidders.

"Tatas have submitted a financial bid for Air India," a Tata Sons spokesperson said.

Taking to Twitter, DIPAM Secretary, Tuhin Kanta Pandey said that the disinvestment process now moves to the concluding stage.

"Financial bids for Air India disinvestment received by Transaction Adviser. Process now moves to concluding stage," he posted.

Though Tatas have confirmed their particiupation in the financial bid, sources said that the promoter of domestic carrier SpiceJet, Ajay Singh may also have placed the bids for the debt-ridden carrier.

The Tatas bid was much-anticipated as its name of had been doing the rounds for some time now.

The government has off late taken several steps to fast-track the much-delayed privatisation of the national carrier.

Recently, the government decided to waive taxes on the transfer of assets from the national carrier to Air India Assets Holding Ltd, a special purpose vehicle (SPV).

"The Central Government hereby specifies that no deduction of tax shall be made under section 194-IA of the said Act on any payment made to the Air India Ltd for transfer of immovable property to Air India Assets Holding Ltd under a plan approved by the Central Government," said a notification.

Further, the CBDT also allowed new owners of erstwhile public sector companies to carry forward losses and set these off against future profits, in a bid to raise more interest for the proposed privatisation processes.

During the Budget speech for FY22, Finance Minister Nirmala Sitharaman had said that all the proposed privatisation process would be completed by the end of the fiscal, including the much-delayed strategic disinvestment of Air India.

SEE ALSO:
Bitcoin mining isn't just consuming energy, it's also generating 272 grams of e-waste with every transaction
Investors who had put money in this IPO made over ₹12,000 profit in 2 days