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Govt extends deadline to bid for Air India by two months till Aug 31

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The government has yet again extended the deadline to bid for Air India by two months until August 31 as the coronavirus (Covid-19) fallout has disrupted financial pursuits globally.&#13
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This is the third time the deadline has been extended.&#13
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The divestment process for the nationwide carrier was initiated on January 27. Issuing a corrigendum to the Expression of Interest (EoI) for sale of Air India, the Section of Investment and Community Asset Administration (DIPAM) said the deadline has been prolonged in see of the “request obtained from the IBs (fascinated bidders) in view of the prevailing situation arising out of Covid-19.” When issuing the EoI in January, the final day for bids was stored at March 17, which was afterwards extended until April 30. This was additional prolonged to June 30, and now until August 31.&#13
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Also, the day for intimation to Capable Interested Bidders (QIBs) has been prolonged by two months till September 14, the DIPAM reported in the corrigendum posted on its site.&#13
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“More variations with regard to the Essential Dates, if any, will be communicated to the Intrigued Bidders subsequently,” it added. The Covid-19 pandemic and subsequent lockdowns have disrupted financial functions globally.&#13
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The aviation sector has been hit really hard by the coronavirus pandemic, with airlines cancelling flights and asserting fork out cuts for workforce. The government has currently prolonged the time specified to investors to bid for its total 52.98 for every cent stake in Bharat Petroleum Corp Ltd (BPCL) to July 31. The initial deadline was May 2, which was prolonged until June 13. Soon after its unsuccessful bid to sell Air India in 2018, the governing administration in January 2020 restarted the divestment process and invited bids for promoting 100 for every cent equity in the point out-owned airline, together with Air India’s 100 per cent shareholding in AI Express Ltd and 50 per cent stake in Air India SATS Airport Providers Non-public Ltd.&#13
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In 2018, the authorities had presented to provide 76 per cent stake in the airline.&#13
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Of the airline’s complete debt of Rs 60,074 crore as of March 31, 2019, the buyer would be necessary to absorb Rs 23,286.5 crore, when the relaxation would be transferred to Air India Assets Holding Ltd (AIAHL), a special purpose automobile.&#13
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For the current fiscal, the Finances has pegged disinvestment proceeds at Rs 2.10 trillion. This features Rs 1.20 trillion from CPSE share sales and Rs 90,000 crore from share sales in general public sector banks and economic establishments, together with listing of insurance behemoth LIC.&#13
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The federal government has now kickstarted the course of action of selection of transaction advisor for the initial public offering (IPO) of Life Insurance Corporation.&#13

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