With strategic investors, Interups Inc now in fray for Air India
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acked-up by strategic NRI investors from US and Europe, New York-based Interups Inc on Monday submitted a joint EoI with Air India employees for government's stake in national carrier Air India.
According to Interups Inc Chairman Laxmi Prasad "We plan to allocate 51 per cent of the stake to employees, while rest 49 per cent will be kept with us. We have a number of US and Europe based strategic NRI investors."
"If successful in acquiring the stake, we plan to off-load infrastructure assets of the airlines to an 'InvITs', while operational assets will be kept with the company. We foresee a lean management styled company."
As per the plans, airport slots, routes, facilities like ground handling, training and buildings will be placed with the 'InvITs'.
A type of investment instrument -- InvITs -- is an infrastructure investment trust which are registered with Sebi.
Presently, Interups Inc handles retirement asset accounts owned by US-based NRIs.
On its part, the Centre on Monday, confirmed that the sell-off plan for Air India has moved to the second stage.
It said that multiple expressions of interest have been received for strategic disinvestment of the state-run carrier.
"Multiple expressions of interest have been received for strategic disinvestment of Air India. The transaction will now move to the second stage," according to a tweet from the Secretary, Department of Investment and Public Asset Management.
✔️ With strategic investors, Interups Inc now in fray for Air India
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