Fourteen companies are interested in assisting the government with the divestment of national carrier Air India, Mint reported on Friday.
Financial companies KPMG, BNP Paribas, Rothschild India Pvt Ltd, EY, Grant Thornton, Edelweiss and ICICI Securities Ltd are seeking to advise the government on how to go about the transaction.
They are expected to make their presentations on Friday, the Department of Investment and Public Asset Management said. The bids submitted by the firms will be opened immediately after the presentations are completed, the department added.
Law firms Hammurabi and Solomon Partners, Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas, Crawford Bayley and Co, Luthra and Luthra, ALMT Legal and Trilegal are in the running to be the legal advisers, according to Business Standard. The companies responded to the Department of Investment and Public Asset Management’s call for transaction and legal advisers.
Apart from the main company, five Air India subsidiaries and a joint venture plan are also up for sale. The airline, Mint reported, has vast assets such as airport slots, international flying rights and valuable real estate across the world. It also has a 17% share of traffic on routes between India and international destinations, and 13% of the domestic market.
“If done correctly and responsibly, I think this will improve the government’s image, former Jet Airways chief executive Steve Forte was quoted as saying. “Privatisation is the right road to take if they want to save Air India and give it a hopeful future.”