New Delhi: Bids have been invited for the financial crisis-hit airline Air India by 17 March. The Tata group is in the process of finalizing its plans for this. The Tata group, together with Singapore Airlines, is in the process of bidding for Air India and according to information from sources, the two have started work together to shape the acquisition.

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The Tata Group plans also include the merger of Air Asia India and Air India Express. It is noteworthy that the Tata group has a 51% stake in Air Asia India. Air India Express Air India holds a 100% stake. According to a Times of India report, the Tata group has also approached Malaysian businessman Tony Fernandes for approval to purchase Air India Express. Tony Fernandes holds a 49 percent stake in Air Asia.

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According to the shareholder agreement, if Tony does not prepare for the agreement, the Tata group cannot invest more than 10% in any other budget airlines. Tata Group, which laid the foundation of Air India 88 years ago. JRD Tata started Air India in 1932. Last year, when the government had called for bids to sell a 76% stake of Air India, there was talk of buying it by the Tata group. However, the TATA group backtracked on buying it.

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