With strategic investors, Interups Inc now in fray for Air India

New Delhi, Dec 14 (IANS) Backed-up by strategic NRI investors from US and Europe, New York-based Interups Inc on Monday submitted a joint EoI with Air India employees for government's stake in national carrier Air India.According to Interups Inc Chairman Laxmi Prasad : "We plan to allocate 51 per cent of the stake to employees, while rest 49 per cent will be kept with us. We have a number of US and Europe based strategic NRI investors.""If successful in acquiring the stake, we plan to off-load infrastructure assets of the airlines to an 'InvITs', while operational assets will be kept with the company. We foresee a lean management styled company."As per the plans, airport slots, routes, facilities like ground handling, training and buildings will be placed with the 'InvITs'.A type of investment instrument -- InvITs -- is an infrastructure investment trust which are registered with Sebi.Presently, Interups Inc handles retirement asset accounts owned by US-based NRIs.On its part, the Centre on Monday, confirmed that the sell-off plan for Air India has moved to the second stage.It said that multiple expressions of interest have been received for strategic disinvestment of the state-run carrier. "Multiple expressions of interest have been received for strategic disinvestment of Air India. The transaction will now move to the second stage," according to a tweet from the Secretary, Department of Investment and Public Asset Management.
--IANS rv/sn