Government on Wednesday announced appointment of HSBC securities as global advisor for privatisation of oil marketing company IBP Ltd and said that due diligence for Air India (AI) would be completed in two to three days. Disinvestment minister Arun Shourie told PTI that HSBC securities has been mandated for offloading of about 35 per cent government equity in IBP to a strategic partner.
Replying to another question, Shourie said that due diligence of AI would be completed in 2-3 days after which government would invite technical bids for the airline for strategic partners for 40 per cent stake. About a dozen major players including earnest and young, Morgan Stanley, Banque Nationale De Paris-Paribas (BNP-Paribas) and ANZ were in the race for appointment as global advisor for IBP, according to official sources.
Shourie said that after the technical bids, the shortlisted players would be allowed to scrutinise AI records before government invited the financial bids. Government had earlier decided to take strategic partners in AI for 40 per cent holding while divesting another 20 per cent stake in favour of financial institutions, employees and public. Bureau Report