According to the internal message, the Air India (AI) employees' union has been disqualified from the bidding process for privatization of the national carrier.
Transaction advisor EY wrote a letter to the group of employees on Sunday informing them of the decision.
“The EOI (Expression of Interest) and supporting documents submitted by you have been duly evaluated and have not met the eligibility requirements laid down in the Preliminary Information Memorandum issued in connection with the strategic disinvestment of Air India Limited (AI). And is liable for disqualification. “
An EOI was presented by a group of 200 AI employees in partnership with a fund based in Seychelles.
The government last January issued a preliminary notice memorandum for the sale of a 100% stake in AI and, later that year, revised a key bid criterion, providing bidders with the flexibility to decide on the loan they would Could take Subsequently, AI received several EoIs.