NEW DELHI, Oct 14: Civil Aviation Minister Rajiv Bansal said on Thursday that the divestment process for Air India was likely to be completed within the next 10 weeks and that only necessary revenue and capital expenditures were to be implemented until then. Bansal, who is also chairman and managing director of Air India, said in an order that the airline’s divestment process is in its final stages and a letter of intent has already been issued to the Tata Group.

“It is important to note that all income or capital expenditures are being undertaken only to the extent necessary to continue the business until the divestment is completed, which is likely to occur within 10 weeks or so,” he said. There is no new contract and he stressed that it must be signed without prior approval from the Finance Manager or CMD.

“As far as possible, its effectiveness may not exceed March 31, 2022. If the validity is beyond March 31, 2022, it should have a termination clause,” Bansal said. On October 8, the center announced that Thalas Private Limited, a wholly owned subsidiary of Tata Sons, had won a consortium led by SpiceJet promoter Ajay Singh by bidding rupees 18,000 crore to win the takeover bid for debt-laden Air India.

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