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Hindujas saddened by government decision

H S Rao in London

Leading non-resident Indian businessmen Hindujas on Friday expressed their "extreme disappointment" at the decision of the Indian government to reject their bids for Air-India and Indian Airlines.

"We have been encouraged in our bid and throughout the process have had no security issues raised with us. Indeed, we were allowed to go through the due diligence process and given full access to data rooms of both Air-India and Indian Airlines," a spokesman of Hinduja Group said.

"We can only imagine that this decision has been made because we had insisted on full transparency in the bidding process," the Hindujas said, adding they would be examining the decision in detail and reviewing their legal position.

"As things stand, we believe this is a sad decision for the Indian people who are now forced to dispose of a prized asset with only one bidder. Surely, this will not realise the true value of this national asset," the group said.

The government on Friday night rejected the bids of Hindujas for Air-India and Indian Airlines, while disqualifying Videocon and Sterlite Industries from taking stakes in any of the public sector undertakings slated for privatisation.

PTI

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