Vistara mulling Air India bid
Full service Indian airline Vistara may join the list of potential bidders for cash-strapped flag carrier Air India.
Vistara chairman Bhaskar Bhat said it is ‘evaluating’ a bid, stating: "Which company would not be interested in evaluating a sovereign airline of the country?"
No definitive decision has been made over a bid yet, Bhaskar said.
The government wants to offload 100% of Air India and the Air India Express low cost unit.
It has shifted much of the huge debt into a separate holding company but any bidders would still have to absorb about $3 billion.
On the face of it, Vistara doesn’t look to be in a position to make a serious bid.
However, its joint venture backers are Singapore Airlines and Indian conglomerate Tata Group.
Singapore Airlines is slashing seat capacity and pushing through cost-cutting measures brought on the coronavirus outbreak, but Tata has the financial clout to buy the state run airline.
It has already reportedly signalled its intent as a standalone bidder.
The government has set March 17 as the deadline for preliminary expressions of interest.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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