India’s Adani Group is reportedly prepping a bid to take over national carrier Air India.
It plans to submit an expression of interest by next month, according to a source familiar with the matter.
Once an EoI is filed and approved it would then get access to the books, and a formal bid would be subject to due diligence.
The energy and infrastructure conglomerate has interests in aviation as the country’s largest private airport operator.
It runs airports in Lucknow, Ahmedabad and Mangalore, and has applied to operate three more airports in Jaipur, Guwahati and Thiruvananthapuram.
However, if it were to buy Air India Adani would have to divest a majority shareholding in the airports.
Tata Group, Hinduja Group and low cost carrier IndiGo are also expected to submit expressions of interest in buying Air India.
Meanwhile the government is expected to extend the March 17 deadline for submitting bids.
