A conglomerate that had founded it, two separate consortium of employees and a few unconfirmed names. That's the list of suitors that Air India has managed to get by December 14, the deadline.
While the list may not look too long for an airline that has a high brand recall, exhaustive international network and the country's second largest fleet, the government will be relieved. It has finally got suitors, including Tata Sons, for the state carrier, after a failed attempt and innumerable extension of deadlines.
Not to speak of the impact COVID-19 has had on the aviation sector. Air India was losing Rs 28 crore a day, in the first quarter of this year. The airline also has several legacy issues, a fleet that needs a fresh dose, unions and a bureaucratic structure.
So what has got these suitors interested now? While it has helped that the government has changed terms, very little has been said by the contenders themselves. In fact, Tata Sons is yet to officially confirm that it has put in a bid.
But here is what we know.
Tatas, setting right the history
JRD Tata, the late Chairman of Tata Sons, had founded the airline - India's first, in 1932. Two decades later, in 1953, the government nationalised it.
Since then, the Tatas, especially after Ratan Tata took over at the helm, have tried to get back to the aviation sector. Tata had plans to start a new airline with Singapore Airlines. He even bid for Air India, in 2001. Nothing worked.
While it now has two airline businesses - Vistara with Singapore Airlines and AirAsia India with AirAsia Berhad, Tata Sons needs Air India to salvage its interest in aviation.
Read more: Tatas need Air India. Can they revive it and their aviation fortunes?
But little is known about their bid, and the vehicle they will use to bid for Air India. Will it be Vistara, or AirAsia India?
The Interups consortium
The US-based fund has been vocal about its interest in Air India, but wasn't taken seriously, until now. It has put in an expression of interest, Chairman Laxmi Prasad told Moneycontrol. He has given an open invitation to Air India employees to join his bid.
The fund intends to park Air India's assets on the Infrastructure Investment Trusts platform and monetise them. This will take care of the capital requirement of Air India. That is not all. Prasad has stressed that he has a long term view on the airline.
The employee consortium
Over 200 employees of Air India have joined hands, each bringing in Rs 1 lakh, to form a consortium. They are led by Air India's Commercial Director Meenakshi Malik.
The consortium has claimed to have the support for an overseas investor, but is yet to disclose the identity. Malik has said that the employees are best suited to run the airline, as they are aware of its problems and strengths.
History is against their idea. Few employee-led attempts have been successful in reviving or running an airline. In fact, Jet Airways also saw a similar attempt by its employees. Eventually, their consortium didn't place a bid.
The unknowns
There are quite a few names making the round. The Hindujas - who have historically shown an interest in Air India and the Adani Group have been on everyone's lips.
The Adani Group is set to be the biggest operator of airports in the country. Is owning an airline, the next natural step?
Another name that increasingly got discussed closer to the December 14 deadline to submit bids, was that of SpiceJet. The airline is yet to respond to the buzz. The spokesperson said, "No comments."
While industry observers have questioned the low-cost airline's financial capability to put in a bid, Chairman and MD Ajay Singh is aggressively pushing to expand overseas. Air India is the only Indian airline at the moment with a considerable overseas presence.
The government has done little to bring clarity on the suitors. It just said, "Multiple expressions of interest have been received."
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