Government Extends Deadline For Submission Of Bids For Air India

Government extends the deadline for submission of bids for Air India by two months. The process of selling a stake in the government airline began on 27 January. This is the fourth time the government extends the bid submission date. The government has extended the bid submission deadline for Air India by two months to October 30. The deadline has been extended due to the impact on the economic activity around the world due to the Covid-19 crisis.

The process of selling a stake in the government airline began on 27 January. This is the fourth time the government has extended the bid submission date. The Department of Investment and Public Asset Management (Deepam) issued a Corrigendum in the Letter of Interest (EOI) for the sale of Air India, stating that the deadline in view of the request received from interested bidders in view of the situation arising out of Covid-19 Has been increased.

March 17 was the last date for submission of bids under the letter of interest issued in January. It was later extended to 30 April. It was then extended to 30 June and then to 31 August. Deepam has said in the purification letter posted on the website that the date of giving information for the eligible interested bidders (QIBs) has also been extended for two months i.e. up to 20 November.

The adverse effect on the economy can be prolonged due to the corona virus epidemic and the lockdown implemented to prevent its infection. The Reserve Bank of India says that the economy may continue to have negative growth in the second quarter of the current financial year.

The RBI said on Tuesday that shrinkage in economic activity could continue in the second quarter as well. There was a slight spurt in economic activity in the months of May-June, but in July-August, economic activity was disrupted due to restrictions imposed in various states to prevent infection of the coronavirus.