Singapore_Air From United Kingdom, joined Nov 2000, 13722 posts, RR: 20 Posted (12 years 12 months 4 days 12 hours ago) and read 1189 times:
Have no idea what the hell this means so here goes. Maybe someone can explain.
Five Air India bidders rejected
The Hindu - India; Dec 16, 2000
BY OUR SPECIAL CORRESPONDENT
NEW DELHI, DEC. 15. The Disinvestment Ministry has rejected five bidders for strategic partnership for Indian Airlines (IA) and Air India (AI) after completion of scrutiny of bids today. In the case of AI, three parties, including the Indian Pilot's Guild, were dropped while two bidders were disqualified from the IA bid.
The shortlisted bidders have now been asked to submit technical bids by January-end and to start the process of due diligence immediately thereafter. The Hindujas, Tata-Singapore Airlines and Videocon are among the major contenders for becoming strategic partners either in Indian Airlines or Air India or both, according to sources in the Ministry. These sources indicated that the five bidders were dropped for not fulfilling all conditions laid down by the Government, including the criterion of having a combined net worth in excess of Rs. 1,000 crores or $ 250 million.
The sources also indicated that around eight bidders were in the race for buying 40 per cent stake in AI while another five were seeking 26 per cent in IA.
On the reported suggestion from AI's global advisors that fresh bids be invited, the sources said the response had been very good and there was no such consideration.
The Government would now allow identified parties to proceed with due diligence by allowing entry into the data room along with obtaining necessary information from the bidders. On the rejection of bid of the Indian Pilot's Guild, sources said there was no documentary evidence that the Guild had the support of all the employees of Air India.
The Guild also failed to submit an audited balance sheet with the bid document, a prerequisite for taking part in the bidding process.
The Government also rejected the Guild's contention that it was capable of raising the stipulated Rs. 1,000 crores from their own resources including withdrawal from their provident fund accounts.
As per Government regulations, withdrawals for investment purposes like purchase of equity shares was not a ground for permitted withdrawal of the fund.
Blujaay From , joined Dec 1969, posts, RR: Reply 4, posted (12 years 12 months 4 days 3 hours ago) and read 1049 times:
Is Emirates airlines anyways associated with Singapore airlines (its not regarding the Air India purchase), I was pretty sure I read or heard somewhere that they had some kind of connection. Thanks in advance for any help.
IndianGuy From , joined Dec 1969, posts, RR: Reply 5, posted (12 years 12 months 3 days 23 hours ago) and read 1030 times:
I also hear that the Indian Pilots Guild, the union of AI pilots are planning to go to court if their bid is rejected.
Apparently, they feel that the government criteria of first looking at "Groos Value" of the investor is unfair.
"No company is going to invest its gross value in AI" one of the pilots told a TV channel. "But the pilots are putting their Provident Funds to come up witht the 1000 crores". apparently He meant to say that they were more serious than any other party since their lifes savings were at stake.
Also the pilots said that they were the ONLY bidder to submit a detailed business plan. Hence they feel that the Govt. dec. is arbitrary and unfair. Some even are saying that whole AI divestment process is "FIXED".
The DL/AF teams chances are suddenly rated as being very high which is surprising since nobody in the Govt gave them any chance even 2 weeks ago. The anti-Tata lobby seems to be at work again!
B747-437B From , joined Dec 1969, posts, RR: Reply 6, posted (12 years 12 months 3 days 21 hours ago) and read 1018 times:
Russell - SQ and STAR are a divorce waiting to happen.
Roy - I'm off to NYC tomorrow and flying back to India on a flight operated by a couple of IPG bigwigs. They will have all the gossip undoubtedly, especially if I have to jumpseat all the way home which looks likely considering the loads.
B747-437B From , joined Dec 1969, posts, RR: Reply 9, posted (12 years 12 months 3 days 15 hours ago) and read 999 times:
Why are the lovely Singapore Airlines and the glamorous Star Alliance going to divorce? Get Real!
Ah.... I love it when an argument escalates to this level.
I can think of about 10 reasons why SQ and STAR should divorce - and I'm willing to put money down that it will happen by 2004 (I've posted the reasons in detail on another AI thread, so run a search and read it). Any takers?
IndianGuy From , joined Dec 1969, posts, RR: Reply 12, posted (12 years 12 months 1 day 23 hours ago) and read 954 times:
according to todays Indian Express:
Tatas/SQ and the Hindujas have been shortlisted for BOTH Air India and Indian Airlines.
The DL/AF combine has also been shortlisted for AI, but some clarifications have been sought for them.
In addition, the Dhoots groups (TV and Home Applicances company Videocon International) have also been shortlisted for Indian Airlines. Apparently, the ministry bosses are maha-impressed with the Dhoots plans for IC (which include doubling the fleet, and bringing down fares by as much as 30%!).
The surprise incl. are the Hindujas. I didnt expect them to be shortlisted considering the "Gandhi" connection. Or perhaps this is the way the Govt. wants to buy the the Congress party's silence. The Opposition is sure to raise hell over the divestment.
I really hope that the Tatas get thru for AI and the Dhoots for IC.
B747-437B From , joined Dec 1969, posts, RR: Reply 13, posted (12 years 12 months 9 hours ago) and read 935 times:
Roy - I have some mega gossip that will probably interest you about the AI deal ref : the IPG bid. I jumpseated last night JFK-LHR and got all the low down dirt on the process. Will email you once I get to BOM.