Tata Reportedly Submits Expression of Interest for Air India
December 14, 2020 at 01:34 pm
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Tata Sons Private Limited has submitted an Expression of Interest for Air India Limited (AI). Another EoI has been submitted by Air India Employees along with Interups, Inc. (OTCPK:ITUP). These were the two ‘confirmed’ EoIs received on December 14, 2020 when the deadline for submission of interest lapsed. Tata’s bid is supposed to have been submitted through AirAsia (India) Limited, although this could not be immediately confirmed. In a tweet, the Ministry of Finance merely said multiple EoIs had been received for the strategic divestment of AI. Laxmi Prasad, Chairman, of Interups, the other confirmed bidder told BusinessLine, “We are proposing Air India Limited to continue as is with employees to own 51% and the Interups NRI group to own 49% capital completely invested by NRIs”. Meenakshi Mallik, AI’s Commercial Director, said that 219 employees, representing a cross section of the airline’s staff members, are part of the consortium. The next step in AI’s divestment will be to give the interested parties 15 days to submit hard copies in case the bid has come by e-mail. The EoIs will then be evaluated and qualified bidders informed. The government will then seek financial offers from the qualified bidders. AI’s divestment began in January with the government seeking to sell 100% of its equity share capital in the airline, including Air India’s 100% shareholding in Air India Express Ltd, and the 50% stake in Air India SATS Airport Services Private Limited.
Interups, Inc. is engaged in the business of identifying and investing into, and acquiring business opportunities or transactions, and conducting and offering turnkey services in India. The Company researches, identifies, assesses and invests into business acquisitions or asset transactions either directly or on behalf of its stakeholders, affiliates, associate concerns and clients with its sector focus mainly into agriculture, education, financial services and merchant banking, healthcare, hospitality, infrastructure, mining and real estate. It specializes in crafting turnkey solutions involving financial and strategic challenges for a set of businesses around the world, including firms, corporations, governments, institutions, partnerships and individuals. The Company assists clients in their capital, business structuring needs and acquire or invest into them by reviewing, analyzing and modeling various structural alternatives and assisting in their financial and management needs.
INTERUPS, INC. 
