The last date for submission of the bids is May 14.The government had last month floated a preliminary information memorandum inviting bidders to buy 76 per cent stake in loss-making Air India along with transfer of management control.The entity acquiring the domestic carrier will have to retain the Air India brand for AIs business operations for a minimum specified number of years on terms to be detailed at request for proposal (RFP) stage…The bidder should also have the ability to run the national carrier.The government would retain 24 per container cooling unit cent stake in the national carrier, and the bidder who buys Air India would have to stay invested in the airline for at least three years..The bids can be put in by a single player or as part of a consortium.The official said the government will come out with responses based on the queries received from interested bidders. The consortium can be along with a bank, venture capitalist, financial institution or fund. Anybody who has (required) net worth and funds can bid for Air India,” Gupta said at an Assocham event here. He said there should be no concerns about retrenchment as the government will follow best industry practices.”We are not looking for only an airline to take over Air India.An official in the finance ministry said there has been good response from entities in airline industry as well as corporates for buying stake in the debt-ridden national carrier. As per the bid document, bidders would be required to have a minimum net worth of Rs 5,000 crore and should have posted profit after tax (PAT) in three of the previous five financial years from the Expression of Interest (EoI) deadline
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