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Financial bids for Air India likely to be received by Sep 15: Minister
business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Financial bids for Air India likely to be received by September 15, says Aviation Minister
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Financial bids for Air India likely to be received by September 15: Minister
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Tata Group may seek indemnity clause in Air India deal
The company aims to protect itself from resultant court cases and hidden contracts that might emerge after the deal is done Tata-Air India deal is likely to be delayed to Q1 next year BusinessToday.In
Updated Jul 12, 2021, 9:29 AM IST
The Tata Group may ask for an indemnity clause in the Air India privatisation deal to protect itself from unexpected claims or ‘hidden contracts’ once the deal is done. Nevertheless, the company has been intensifying its due diligence on the Air India deal. This development comes on the back of possible risks arising out of claims made by Cairn Energy and Devas Multimedia that are seeking to seize the airline’s overseas assets.
Air India
Air India is in the throes of “disinvestment” as the government
attempts to end decades of heavy losses and state intervention to keep the
airline flying.
India’s Economic Times reported this week that
disinvestment-bound Air India hopes to raise USD26.9 million to USD40.3 million
by selling commercial and residential real estate assets in e-commerce auctions
across the country starting 8 July.
A special-purpose business unit – Air India Assets Holding Ltd – has been set up to hold the non-core assets of the Air India group, many of which will be sold off to raise cash.
Singapore Airlines
Singapore Airlines describes its financial year ending 31 March 2021 as the “toughest year in its history.” Singapore Airlines Group slumped to a record SGD4.3 billion full-year net loss for the financial year reversing the SGD$59 million operating profit it made the previous year. At the operating level, the group was SGD2.5 billion in the red.