"At the pre-bid conference, interested parties raised questions about the bidding process, the deal structure, and revenue models. We expect to receive clarifications soon as the commercial bids have to be submitted by 14 February," the source said. The pre-bid conference also drew the interest of the Kerala State Industrial Development Corp. Ltd (KSIDC). The state government, through KSIDC, enjoys the unique advantage of the first right of refusal in the bid process. "The Kerala government can retain control of the asset instead of handing it over to a private party if it makes an offer within a 10 percent range of the highest bidder," a person advising one of the bidders said. "For instance, if a private player offers ₹50 per passenger to AAI and this is the highest bid, then KSIDC can retain the asset if it offers at least Rs 45 per passenger to AAI instead."
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