UAE investor is part of group bidding for Air India

UAE investor is part of group bidding for Air India

The much-delayed sale of Air India is likely to complete within months with the Indian government officially shortlisting Tata Group and a consortium that reportedly include Ras Al Khaimah Investment Authority (Rakia) as the final bidders for the cash-strapped national carrier.

The consortium led by SpiceJet boss Ajay Singh also includes Ankur Bhatia, promoter of Delhi-based Bird Group, a technology provider to the travel and aviation industry.

The widely reported joining by RAK wealth fund in the consortium has not yet been confirmed by Rakia.

The final bidders will have access to key details about Air India for due diligence in the coming weeks before placing their final bids for the airline.

Under the privatisation bid, the Indian government is offloading its entire 100 per cent stake in the ailing carrier that has been in losses ever since its 2007 merger with domestic operator Indian Airlines.

The shortlisting of the final two contenders was announced following the rejection of an Expression of Interest proposed by the employees of Air India on ground they were not able to meet the eligibility requirements.

The salt-to-software conglomerate Tata group's holding company Tata Sons has submitted an EoI.