SpiceJet's Ajay Singh shows keen interest in Air India: Report
The government earlier said it had received ‘multiple expressions of interest’ for Air India.
February 22, 2021 / 09:16 AM IST
Ajay Singh, Chairman and Managing Director of low-cost carrier SpiceJet
SpiceJet Chairman and Managing Director Ajay Singh, along with two other investors, has shown a keen interest in the acquisition of the beleaguered Air India, The Economic Times reported. At least one of the said investors is a foreign fund.
The report claims that Singh and the other two investors are among multiple parties that have shown interest in the airlines. Singh wants to receive a 100 percent stake, but it is unlikely to get it if he and his co-investors manage to acquire the airline, the report said citing sources aware of the matter.
Moneycontrol could not independently verify the report.
Debt-laden Air India has been cash-strapped, and the government has invited bids for 100 percent of its equity. The government earlier said it had received ‘multiple expressions of interest’.
The report further quoted another anonymous source stating that not all the parties were ‘serious’ or would ‘qualify for the later stage’, when asked to submit their bids. The source further added that the bids had been made ‘just to increase the number of interested parties’.
The government is making a second attempt to sell Air India after the first one failed in 2018 due to a lack of bidders. In 2020, Civil Aviation Minister Hardeep Singh Puri said that the airline would be forced to shut if not privatised.
Tata Group has also shown interest in the bid. An employee consortium is also among interested parties.