UPDATED: December 14, 2020 | 13:20 IST
Tata Group is likely to submit an expression of interest (EoI) for cash-strapped national carrier Air India Limited on Monday. The deadline to submit the expression of interest is 5 pm today.
According to an input, Tata Group will use Air Asia as a vehicle where Tata Sons have a significant majority stake.
In August, a Tata Sons spokesperson had told a publication that bidding will be discussed when due diligence is complete.
The spokesperson had also confirmed that there is no plan to bring in a financial partner. A few other airlines are believed to be interested in bidding for Air India Express separately.
A report in The Economic Times indicated that Tata Group has engaged top legal firms and consultants to conduct the due diligence before bidding for Air India.
Meanwhile, US-based Interups Inc’s Chairman Laxmi Prasad has announced that his company will bid for Air India today.
A group of 500 employees of Air India, too, is likely to place an expression of interest.
Provisional figures show Air India’s total debt at Rs 58,351.93 crore as on March 31, 2019. The government is offering 100 per cent stake in the national carrier to potential bidders besides relaxing a substantial part of the airline’s debt.