Tata Sons amongst a number of bidders for airline

In one other step in direction of the disinvestment technique of Air India, the central government has mentioned that a number of teams, together with Tata Sons, have made monetary bids for disinvestment within the government-owned airline.

“Tatas have submitted a financial bid for Air India,” a Tata Sons spokesperson mentioned.

Taking to Twitter, DIPAM Secretary, Tuhin Kanta Pandey mentioned that the disinvestment course of now strikes to the concluding stage.

“Financial bids for Air India disinvestment received by Transaction Adviser. Process now moves to concluding stage,” he posted.

The bid by Tatas was much-anticipated as its identify had been doing the rounds for a while now.

The government has off late taken a number of steps to fast-track the much-delayed privatisation of the nationwide service. Recently, the government determined to waive taxes on the switch of belongings from the nationwide service to Air India Assets Holding Ltd, a particular goal car (SPV).

“The Central Government hereby specifies that no deduction of tax shall be made under section 194-IA of the said Act on any payment made to the Air India Ltd for transfer of immovable property to Air India Assets Holding Ltd under a plan approved by the Central Government,” mentioned a notification.

Further, the CBDT additionally allowed new house owners of erstwhile public sector corporations to hold ahead losses and set these off in opposition to future income, in a bid to boost extra curiosity for the proposed privatisation processes.

During the Budget speech for FY22, Finance Minister Nirmala Sitharaman had mentioned that all the proposed privatisation processes can be accomplished by the top of the fiscal, together with the much-delayed strategic disinvestment of Air India.

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