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August 2, 2001
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Money > Business Headlines > Report August 2, 2001 |
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SIA may exit Air-India raceBS Economy Bureau The government's divestment programme may receive a further setback with reports that Singapore International Airlines is contemplating a pull-out from the race to acquire a strategic stake in Air-India. The Tata-SIA combine is the only bidder left in the fray for acquiring 40 per cent government stake in the loss-making national carrier. The combine has already put in place a special purpose vehicle in which the Tata group holds 51 per cent stake. Government sources confirmed receiving several queries throughout the day on a possible withdrawal of SIA from the bidding process. They, however, added that the government had not received any official word from SIA. They said that SIA might have been unhappy over the overall economic scenario in the country, which did not allow the government to act swiftly on key policy issues including those on divestment of big-ticket companies. When contacted, sources in the Tata group said they were unaware of any such move by SIA. They said that in the event of SIA pulling out, the Tatas will go ahead with the A-I bid. "Our bid is irrespective of SIA. We are open to rope in a new partner," they added. Executives of SIA could not be reached for comments. A senior SIA functionary located in New Delhi was returning to his base in Singapore and this could have been interpreted as a part of SIA's exit strategy, said a source closely involved with A-I divestment. The reports of an imminent SIA pull-out gained currency with a television channel putting out a news item saying that there were reports of Singapore International Airlines considering withdrawal from India. Powered by YOU MAY ALSO WANT TO READ:
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