Air India Employees Consortium Disqualified From Divestment Process

Air India Employees Consortium, which participated within the Air India divestment bid, was disqualified from the divestment course of by the Transaction Advisor to the Government of India (Ernst & Young LLP) on Monday. AI Employees Consortium submitted an ”expression of curiosity”, final 12 months, to take part in strategic divestment of the nationwide service Air India. The Government of India has knowledgeable the AI Employees Consortium by an e mail on Monday that their submission for the Air India disinvestment acquisition course of is just not fulfilling the eligibility.

Transaction Advisor to the Government of India mentioned that the three causes for the disqualification of the ”Expression of Interest” of the workers are non-submission of required three years audited monetary statements for overseas consortium member, non-submission of knowledge or particulars by bidders for investments in offshore firms, which varieties a considerable a part of the web price of the overseas consortium member and the overseas consortium member not being an appropriately regulated overseas funding fund as outlined within the Preliminary Information Memorandum.

Meenakshi Malik Air India business Director knowledgeable AI workers in a letter, “As of late last night, I have seen an email from the Transaction Advisor to the Government of India (Ernst & Young LLP), informing the Employees of Air India that we have been unsuccessful in qualifying to the next phase of the ”Disinvestment Acquisition process”. “

Further, Meenakshi Malik acknowledged in an emotional letter to AI workers, “Dear all, While I write to you with a heavy heart on the outcome of our bid to acquire Air India, I cannot help but be filled with a great sense of pride and admiration for the sincerest efforts we have made over the last few months, together.”

“As of late last night, I have seen an email from the Transaction Advisor to the Government of India (Ernst & Young LLP), informing the employees of Air India that we have been unsuccessful in qualifying to the next phase of the ”Disinvestment Acquisition process”,” additional learn the letter. Divestment of Air India nonetheless beneath course of and the Aviation ministry knowledgeable the media not too long ago that, “divestment process is going very smoothly”.