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August 27, 2001
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Money > Business Headlines > Report August 27, 2001 |
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Minister confirms SIA withdrawal from A-I sell-offBS Bureau The Singapore Airlines has decided to withdraw their bid for the 40 per cent government stake in Air-India, said Chaman Lal Gupta, minister of state for civil aviation. He was talking to reporters after the launch of private charter aircraft service Orient Flights in Madras on Saturday. Asked about the reasons for SIA decision to withdraw and whether the Tatas have offered to pick up SIA stake, the minister said: "The divestment ministry should be aware of such developments as they are handling the A-I divestment process." With SIA deciding to withdraw, it is not known whether the Tatas would hike their stake in the 51:49 per cent joint venture. Though the government has decided to divest, Gupta said that it would not throw A-I, a national asset, to any bidder. Every step would be taken to guard this asset, he added. The minister said that if the A-I employees union decided to bid for the government stake, the government would evaluate their bid. "We are for the welfare of the employees. Also, the attitude of the employees was not the reason for SIA withdrawing from the bid," he added. Powered by YOU MAY ALSO WANT TO READ:
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