Tata Sons likely to make formal bid for national carrier Air India by end of August, 2020

Tata Group is likely to make a formal bid for national carrier Air India by end of month. According to media report, Tata Group has alrey begun its due diligence and could make its bid close to official deline at end of August. As of w, company officials have t held any discussion around funding or business structure and are waiting till due diligence is completed, report stated.

A spokesperson of Tata group furr confirmed that re is plan to bring in a financial partner.  A few or airlines are believed to be interested in bidding for Air India Express separately, as per report. However, officials close to Tata Group who are familiar with bidding process ted that entire airline is on block as one entity at moment.

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Tata group hires top legal firms and consultants ahe of bidding

report also indicated that Tata Group has hired top legal firms and consultants to conduct due diligence before bidding for national carrier. Furrmore, re are speculations that Tata Group is planning to merge its stake in AirAsia and Air India into a single entity, however,  officials from conglomerate said that such discussions have taken place formally, according to media report.

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Provisional figures show Air India’s total debt at Rs. 58,351.93 crore as on March 31, 2019. government has offered 100 per cent stake in national carrier to potential bidders besides relaxing a substantial part of airline's debt. report ded that bidders for airline will have to absorb Rs. 23,286.50 crore of total debt while remaining will be transferred to Air India Assets Holding Ltd.

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