Air India's employees are looking for a private investor to back their bid for the national airline
"The PIM (
"Broadly, the project itself entails participating in a bid process along with all other participants who wish to take charge and ownership of AI and its assets. If the media reports are true, we will be bidding against, presumably, some of the largest corporate houses in India who will be just as keen and interested in the airline and bid," Mallik said.
In the course of the Project, we will need to submit various documents and proofs certifying our intention and capacity to own, control and operate this airline. "Financially, I know that we do not have the necessary wherewithal to participate in this bid process alone. We have accordingly searched out for and sought to secure the support of a private equity fund who will invest in the company with us and share the benefit. I must stress that ownership of the Company is what we are bidding for and thus, we are negotiating with our financial partner such that
"In order to acquire this 51% of the Company, each of us will have to make a
"There are two other commitments which we have to make to each other in order to succeed in this process. First, the assurance of absolute discretion and confidentiality. As you know, any information which is leaked can and will jeopardize our bid and chances in this project. Hence I appeal to all of you to refrain from discussing this matter with anyone who is not a part of our small group; and second, commitment to the project, since it is by your dedication, of your labour and for your success, that we will participate in this project, together," Mallik said.
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