Consultants for Air India divestment finalised: Sources

The Air India divestment process has gained momentum. Government sources have told CNBC-TV18 that the Centre has finalised the list of transaction and legal advisors for the stake sale process.

Law firm Cyril Amarchand is said to have emerged as the frontrunner to advise Air India in the stake sale or the divestment process while EY and Rothschild are leading the race to act as transaction advisors.

Seven consulting firms and seven law firms have submitted bids to act as an advisor for the Air India stake sale.

The government has set an ambitious target of divesting Air India by March 2018. The national carrier is reeling under a debt of Rs 50,000 crore.

Analysts have told CNBC-TV18 that the said timeline is very difficult to close the deal. The advisors will be tasked with helping the government to dispose of the profitable assets of Air India including the real estate assets.