New Delhi: The Centre could extend the March 17 deadline for the submission of bids for Air India, sources aware of the matter said on Tuesday. The inter-ministerial panel led by Home Minister Amit Shah is expected to decide a new date later this week. DIPAM (Department of Investment and Public Asset Management), which is overseeing the Air India disinvestment process, has already extended the deadline for bidders to raise queries from February 11 to March 6.
More bid-related queries expected to come in for Air India, say sources
Sources said that the deadline has been extended because more queries are expected to come in and will be clarified by the Transaction Advisor and the Ministry of Civil Aviation. After a previous failed attempt, the government is looking to get a good response for the sale of its 100 percent stake in Air India this time. The Air India Specific Alternative Mechanism is headed by Home Minister Amit Shah and comprises of Finance Minister Nirmala Sitharaman, Commerce and Railway Minister Piyush Goyal and Civil Aviation Minister Hardeep Singh Puri.
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Bidders can get access to Air India virtual data room for Rs 1 cr
The interested bidders can now get access to the virtual data room, which would also have the draft share purchase agreement (SPA), by paying a non-refundable fees of Rs 1 crore. The government had issued a PIM (Preliminary Information Memorandum) inviting bids for the sale of its stake in Air India on January 27. On February 21, it issued the first set of clarifications answering queries regarding the ‘confidentiality undertaking.’
In another clarification, DIPAM said that bidders will have the flexibility to change the structure of the consortium from the time of signing of non-disclosure pact for access to data room till submission of EoI.