Categories: Business

Government extends deadline for Air India bid by 2 months

Photo: GOOGLE

Government extends deadline for Air India bid by 2 months

new Delhi. The government has extended the deadline for submitting bids for Air India by two months to October 30. The deadline has been extended due to the impact on the economic activity around the world due to the Kovid-19 crisis. The process of selling stake in the government airline began on 27 January. This is the fourth time the government has extended the bid submission date. The Department of Investment and Public Asset Management (Deepam) issued a Corrigendum in the Letter of Interest (EOI) for the sale of Air India, stating that the deadline in view of the request received from interested bidders in view of the situation arising out of Kovid-19 Has been increased.

March 17 was the last date for submission of bids under the letter of interest issued in January. It was later extended to 30 April. It was then extended to 30 June and then to 31 August. Deepam has said in the purification letter posted on the website that the date of giving information for eligible interested bidders (QIBs) has also been extended for two months i.e. up to 20 November.

Due to weak economic conditions, the government has decided to sell the airline. The airline is heavily burdened with debt and was constantly trying to reduce costs, although the pressure has increased due to the epidemic. Earlier, an attempt was also made to sell Air India in 2018, although the government did not succeed in it. On one hand Air India has worsened its economic situation due to the huge loss to the aviation sector, on the one hand, and on the other hand, potential buyers around the world are also caught in their own difficulties, given the government's bid deadline Continuously increasing

This post was published on August 25, 2020 10:29 pm

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