Commerce and Industry Minister Piyush Goyal on Saturday mentioned the federal government has not taken any determination on Air India thus far and the ultimate winner might be chosen by means of a effectively outlined course of.

“I have been in Dubai since…day before and I don’t think there is any such decision that has happened at all. Of course bids were invited…and that is assessed by the officers and in due course of time, there is a whole well laid down process through which the final winner will selected,” he informed reporters right here.

He was replying to a query about media stories stating Tatas have emerged as the highest bidder for the takeover of debt-laden Air India.

Tuhin Kanta Pandey, Secretary to Department of Investment and Public Asset Management (DIPAM) — the federal government division chargeable for privatisation — had mentioned in a tweet on Friday that the Centre has thus far not accredited any monetary bid for Air India.

“Media reports indicating approval of financial bids by Government of India in the AI disinvestment case are incorrect. Media will be informed of the Government’s decision as and when it is taken,” he tweeted.

When requested concerning the proposed free commerce settlement with the UAE, he mentioned there are lot of alternatives for Indian companies in sectors reminiscent of textiles, gems and jewelry, pharma and healthcare. There is large potential in each items and providers, he added.

On investments, he mentioned “we have to encourage Indian businesses to engage with the UAE”.

The stake sale course of, which started in January 2020, confronted delays because of the COVID-19 pandemic. In April 2021, the federal government requested potential bidders to place in monetary bids.

September 15 was the final day for placing in monetary bids.

Tata Group was among the many a number of entities that had put in an preliminary expression of curiosity (EoI) in December 2020 for purchasing the Maharaja.

With earlier makes an attempt since 2017 failing to get any vital curiosity and after receiving suggestions from potential buyers, the federal government had in October final yr sweetened the EoI clause referring to the switch of Air India’s debt to the brand new investor, giving bidders flexibility to determine on the quantum of humongous debt they wish to take up.

As per the Air India EoI floated by DIPAM in January 2020, of the airline’s complete debt of Rs 60,074 crore as of March 31, 2019, the client can be required to soak up Rs 23,286.5 crore.

The relaxation can be transferred to Air India Assets Holding Ltd (AIAHL), a particular function automobile. Air India has been in losses ever since its merger with home operator Indian Airlines in 2007.

The airline will give the profitable bidder management of 4,400 home and 1,800 worldwide touchdown and parking slots at home airports, in addition to 900 slots at airports abroad.

Besides, the bidder would get 100 per cent of the low-cost arm Air India Express and 50 per cent of AISATS, which gives cargo and floor dealing with providers at main Indian airports. 

Meanwhile, India and the UAE on Saturday explored mutually helpful strategies and incentives to facilitate investments from the United Arab Emirates’ sovereign funding entities in key precedence sectors in New Delhi.

Both the international locations additionally famous the significance of concluding the negotiation means of amending the UAE and India’s lengthy standing Bilateral Investment Treaty as quickly as doable.

These points got here up for dialogue throughout a gathering between Sheikh Hamed bin Zayed Al Nahyan, Member of the Executive Council of the Emirate of Abu Dhabi, and Goyal.

Both co-chaired the ninth assembly of the UAE-India High Level Joint Task Force on Investments right here.

“At the meeting, discussions were also held on exploring mutually beneficial methods and incentives to facilitate further investment from UAE sovereign investment entities in key priority sectors in India…both sides agreed to continue to focus on ways of providing tax incentives to certain UAE sovereign investment entities,” an official assertion mentioned.

Given the significance of air transport in facilitating bilateral ties and people-to-people connections, India and the UAE agreed that their respective civil aviation authorities ought to proceed to work collectively on a precedence foundation, for his or her mutual profit, to make sure the speedy normalisation of air transport operations.

(Only the headline and film of this report could have been reworked by the Business Standard workers; the remainder of the content material is auto-generated from a syndicated feed.)

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