AI-Indian merger plan moves a step ahead
New Delhi, May 10: The proposed merger of Air India (AI) and the Indian was put on the fast track today with the former inviting Expression of Interests (EoIs) for appointing a consultant.
The last date for submission of bids is May 31.
Last week, the AI board had agreed to appoint a consultant to prepare a roadmap for the merger of the two national carriers within 2006-07 without any hiccups.
Civil Aviation Minister Praful Patel recently said the proposed merger of two carriers is required to meet the challenges of the global aviation environment, which has witnessed a series of mergers and acquisitions including the Rs 2,300 crore deal by Jet Airways to acquire Air Sahara.
The consultant will provide the roadmap for the AI-Indian merger and also advise the government as to whether the valuation of initial public offer (IPO) will be better for a combined entity or not.