‘Maharaja’ divestment: Tatas in race as it submits bids for AI takeover

Meanwhile, a Tata Sons spokesperson confirmed t it has put in a bid for the airline.

‘’Financial bids for Air India disinvestment received by Transaction Adviser. Process now moves to concluding stage,’’ DIPAM Secretary Tuhin Kanta Pandey tweeted.

The government is seeking to sell 100 per cent of its stake in the state-owned national airline, including Air India’s 100 per cent shareholding in AI Express Ltd and 50 per cent in Air India SATS Airport Services Private Ltd.

The stake sale process, which begun on January 2020, faced delays due to the COVID-19 pandemic. In April 2021, the government asked potential bidders to put in financial bids.

Meanwhile, dismissing media reports of Board revamp at Tata Sons, its Chairman N Chandrasekaran on Wednesday said “I would like to state that no leadership structural changes are on the anvil, as speculated in certain sections of media. Any such decisions if relevant, are taken by the Nomination and Remuneration Committee. We are extremely disappointed with such stories that create disruption to regular operations.” The octogenarian former Chairman of Tata Sons Ratan Tata also sought to clarify by stating that he was “extremely disappointed with media reports regarding major revamp in the Tata Groups organisation framework through a speculative company-wise restructure with me seen to be critical to implanting this change.”