Air India Employees Consortium, which participated in the Air India divestment bid, was disqualified from the divestment process by the Transaction Advisor to the Government of India (Ernst & Young LLP) on Monday.
AI Employees Consortium submitted an 'expression of interest', last year, to participate in strategic divestment of the national carrier Air India. The Government of India has informed the AI Employees Consortium by an email on Monday that their submission for the Air India disinvestment acquisition process is not fulfilling the eligibility.
Transaction Advisor to the Government of India said that the three reasons for the disqualification of the 'Expression of Interest' of the employees are non-submission of required three years audited financial statements for foreign consortium member, non-submission of information or details by interested bidders for investments in offshore compes, which forms a substantial part of the net worth of the foreign consortium member and the foreign consortium member not being an appropriately regulated foreign investment fund as defined in the Preliminary Information Memorandum.
Meenakshi Malik Air India commercial Director informed AI employees in a letter, "As of late last night, I have seen an email from the Transaction Advisor to the Government of India (Ernst & Young LLP), informing the Employees of Air India that we have been unsuccessful in qualifying to the next phase of the 'Disinvestment Acquisition process'. "
Further, Meenakshi Malik stated in an emotional letter to AI employees, "Dear all, While I write to you with a heavy heart on the outcome of our bid to acquire Air India, I cannot help but be filled with a great sense of pride and admiration for the sincerest efforts we have made over the last few months, together."
"As of late last night, I have seen an email from the Transaction Advisor to the Government of India (Ernst & Young LLP), informing the employees of Air India that we have been unsuccessful in qualifying to the next phase of the 'Disinvestment Acquisition process'," further read the letter.
Divestment of Air India still under process and the Aviation ministry informed the media recently that, "divestment process is going very smoothly".
( With inputs from ANI )
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