Interested investment banks and law firms could pitch till October 12 for the appointment.
The Government has started process for Air India divestment, taking it further forward, the government on Thursday invited applications from investment bankers, law firms and other entities to act as advisers for strategic stake sale of the flag carrier.
The government sought for two financial advisors and one legal advisor for the privatisation Air India and its subsidiaries, the Ministry of Finance said.
Interested investment banks and law firms could pitch till October 12 for the appointment.
“The Government of India has in-principle decided to consider the disinvestment of the AI Group as a whole or its constituents fully or part thereof through strategic sale with transfer of management control,” the notices said.
It is looking for reputed investment bankers, merchant bankers, financial institutions and banks for providing advisory services and managing the strategic disinvestment process.
The government “requires the services of reputed law firms with experience and expertise in mergers and acquisitions/ takeovers/strategic disinvestment/ private equity transaction to act as legal adviser and assist government in the process,” one of the notices said.
Meanwhile, after two failed attempts to auction some of its properties in prime locations in Mumbai, it seems to be a case of third time lucky for Air India. Since June, the national carrier has been trying to sell properties in several parts of Mumbai, but in vain. However, earlier this month, they held an auction of two lots of properties, and this time, the auction proved successful.
Authorities from the auctioning company say that now only approval from Air India is awaited, after which, the deals will be finalised. After two failed rounds of auction, Air India had hiked the prices of the properties, and also hired a real estate consultancy firm to sell the properties.
Government-run MSTC India held the auction of properties, which were estimated to be worth upwards of Rs 299.7 crore.
A senior official from MSTC India associated with the auction said, "Unlike the last two auctions, this time, the response was good, and deals have taken place. The only thing awaited is approval from Air India, and only after that can the deals be finalised."
In June, when Air India had tried selling properties, it had failed to get any takers, however, in July, the responses received were lower than the reserve price. Following this, then Air India chief Ashwani Lohani, had said they will be using aggressive marketing strategy to sell the properties. This seems to have paid off.
Air India had hiked the price of flats, the most expensive individual flat among the first two auctions located in Bandra's Cozihom, which was priced at Rs 7.40 crore in the July auction, was pegged at a reserve price of Rs 10.36 crore.
(with inputs from PTI)
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