Air India (AI) employees’ consortium has been disqualified from the bidding process for the privatisation of the national carrier, according to an internal mail.
Transaction adviser EY wrote to the employees’ grouping on Sunday informing it of the decision.
“The EoI (expression of interest) and the supporting documents submitted by you have been duly evaluated and have been found to not fulfil the eligibility requirements set out in the preliminary information memorandum issued in respect of the strategic disinvestment of Air India Limited (AI) and is liable for disqualification.”
A group of 200 AI employees had submitted an EoI in partnership with a fund based in Seychelles.
The government issued a preliminary information memorandum for 100% stake sale in AI last January and later that year, tweaked a key bidding criteria that provided flexibility to bidders to decide on the debt they could take on. Following this, AI received multiple EoIs.