Deal Street

October 28, 2017

Pitching for Air India disinvestment mandate befalls by law firms

Air India

The government received bids from six consulting companies and investment banks for the mandate of advising it on the divestment of its stake in Air India.

Shardul Amarchand Mangaldas (SAM), Crawford Bayley, Luthra & Luthra, ALMT Legal, Trilegal, Hammurabi & Solomon and Cyril Amarchand Mangaldas (CAM) have try to put their hands on; to act as legal advisors on Air India's share sale, revealed sources.

On October 27, the firms had made presentations before the Department of Investment and Public Asset Management (DIPAM), to be chosen for the mandate.

Among others, the biggest consultancies including KPMG, EY and Grant Thornton are also competing to grab the mandate for transaction advice on the June 2017 decision of the cabinet proceed with the strategic disinvestment of the loss-making national airline that is straining the public exchequer. Air India is more than Rs 50,000 crore in debt.

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