Backed-up by strategic NRI investors from US and Europe, New York-based Interups Inc on Monday submitted a joint EoI with Air India employees for government’s stake in national carrier Air India.
According to Interups Inc Chairman Laxmi Prasad : “We plan to allocate 51 per cent of the stake to employees, while rest 49 per cent will be kept with us. We have a number of US and Europe based strategic NRI investors.”
“If successful in acquiring the stake, we plan to off-load infrastructure assets of the airlines to an ‘InvITs’, while operational assets will be kept with the company. We foresee a lean management styled company.”
As per the plans, airport slots, routes, facilities like ground handling, training and buildings will be placed with the ‘InvITs’.
A type of investment instrument — InvITs — is an infrastructure investment trust which are registered with Sebi.
Presently, Interups Inc handles retirement asset accounts owned by US-based NRIs.
Apart from Interups, a Delhi-based company, Kanti Commercials is leading a consortium along with Fragment Nivesh and Enormous Nivesh who put an EoI for Air India.
In its expression of interest (EoI) for Air India, Kanti Commercials has said, “We are very much eligible to bid for the disinvestment programme of Air India and have expertise in for turning around sick industrial enterprises into profitable ones”.
“For the past many years, we have completed many such acquisitions and achieved great success. We are in touch with a team of professional advisors and specialists who can help us revive sick units into profitable ones”, the EoI said.
“Moreover, we are bidding as a consortium of 3 members with the help of a Special Purpose Vehicle (SPV). The lead member is Kanti Commercials and other members are Fragment Nivesh and Enormous Nivesh”, Sourav Bag, Director, Kanti Commercials said in the EoI with the relevant documents.
On its part, the Centre on Monday, confirmed that the sell-off plan for Air India has moved to the second stage.
It said that multiple expressions of interest have been received for strategic disinvestment of the state-run carrier.
“Multiple expressions of interest have been received for strategic disinvestment of Air India. The transaction will now move to the second stage,” according to a tweet from the Secretary, Department of Investment and Public Asset Management.
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