Tata Sons chairman N Chandrasekharan said the group is very happy to have Air India back in its fold.
The Ministry of Finance and DIPAM issued a preliminary information memorandum on January 4 last year for global invitation of EoI regarding the proposed strategic transaction.
Last date Jan 31; stake sale to entail transfer of management control, sale of 100% equity share capital in the firm
Sources from the ministry said the government is yet to arrive at the valuation of LIC and while there is target to arrive at valuation by December.
The total debt on the books of Air India was Rs 61,000 crore, of which the government retained Rs 46,000 crore.
The entire steel plant was reverberated with the slogans raised by workers and leaders against privatisation and the Modi government.
Other selected bankers include Nomura Financial Advisory, SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd.
As per the latest notification issued on Friday, the last date for submission of bids has been extended from August 17 to 26.
Finance Minister Nirmala Sitharaman, in her 2021-22 Budget speech, had said monetising operating public infrastructure assets was a very important financing option for new infrastructure construction.
He said these companies got sufficient interest from bidders and are now at the due diligence and financial bidding stage.
The Visakha Ukku Parirakshana Porata Committeee will stage a dharna at the steel plant’s administrative block at 8 am on Thursday.
He said they got overwhelming support from MPs, who promised to raise their voice against privatisation and participate in the dharna at Jantar Mantar.
Agitating workers' unions leaders led by Visakha Ukku Parirakshana Porata Committee staged a sit-in at the plant main gate and even staff and workers of ‘A shift’ were not allowed to enter the plant.
Accordingly, the Department of Investment and Public Asset Management invited proposals for engagement of a legal advisor and transaction advisor for completing the transaction.