Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted on Monday that it has issued the requisite letter of intent to Tata Sons pertaining to the disinvestment transaction for Air India. He informed that the sales and purchase agreement would be signed soon.
LOI issued to the successful bidder in the strategic disinvestment transaction of AI. SPA will be signed soon. pic.twitter.com/6joroBqbnC— Secretary, DIPAM (@SecyDIPAM) October 11, 2021
Tata Sons had won the bid for acquiring 100 per cent stake in the national carrier, last week. A consortium led by Spicejet promoter Ajay Singh came second with their bid of Rs 15,000 crore. The reserve price for the disinvestment bid was set at Rs 12, 906 crore.
The transaction is expected to close by December 2021. (Full Story)