With 6 airports already in folio, Adani turns to Air India

The Tata group, the Hinduja group, Indigo and a New York-based fund, Interups, are also expected to submit their EoIs. The deadline of submitting the EoI is March 17.

The Adani group, which has already won the bid to manage 6 airports, is now all set to join the race of acquiring the state-run airline - Air India. And for this, the conglomerate is planning to submit an expression of interest (EoI) by next month, disclosed a source close to the development.

However, the final decision depends on the outcome of the due diligence post submission of the EoI. Since, after the EoI process only prospective bidders will get access to airline data.

The Adani group is not the only one interested in this complex deal. The Tata group, the Hinduja group, Indigo and a New York-based fund, Interups, are also expected to submit their EoIs. The deadline of submitting the EoI is 17th March.

This is the second attempt made by the Centre to sell the airline after it failed to receive interest in the first round last year.

As a matter of fact, sale of Air India to a private player is important for the central government as it has had to pump in Rs 30,000 crore of tax payer’s money into the airline since 2012. The airline, however, has not made money since the merger of Air India and Indian Airlines in 2007.

Apart from Air India, the government has also offered to sell Air India Express and its 50 per cent stake in Air India SATS Airport Services.

Therefore, they have come up with changes like relaxation of various norms, including clearing of the balance sheet, transfering of remaining portion to the special purpose vehicles, introduction of minimum shareholding of an investor and much more to ensure success this time.

Despite this, things are not easy for the Adani group as, according to the bid criteria an airline or a group owning an airline cannot own more than 27 per cent in the six airports that are already with the Adani group.

A similar clause restricting airlines or group owning airlines from owning more than 10 per cent in Delhi airport recently resulted in collapse of the Tata-GIC group’s investment in GMR.

Siemens will back controversial Australian coal project: CEO Joe Kaeser

The German company had said it would decide by Monday on its involvement in the project.

BS : German engineering group Siemens said on Sunday it will fulfil its contractual obligations to a controversial coal mining project in Australia's outback, despite criticism by climate activists including Greta Thunberg.

Siemens was awarded a contract last year to provide signalling technology for a railway line to transport coal from a coal mine run by India's Adani Group in the outback.

The German company had said it would decide by Monday on its involvement in the project.

On Saturday Thunberg called for Siemens to review its role in the project.

"There is practically no legally and economically responsible way to unwind the contract without neglecting fiduciary duties," Siemens Chief Executive Joe Kaeser said in a statement.

Local and federal governments approved the project based on the Environmental Protection and Biodiversity Conservation Act 1999 as well as hundreds of pages of environmental impact statements, Siemens said.

"While I do have a lot of empathy for environmental matters, I do need to balance different interests of different stakeholders, as long as they have lawful legitimation for what they do," Kaeser said.

"Keeping our promises is Siemens’ highest priority. Only being a credible partner whose word counts also ensures that we can remain an effective partner for a greener future." Environmental activists are concerned that the continued use of coal will lead to higher emissions of carbon dioxide, a gas which is linked to global warming.

Siemens said that it had pledged to achieve carbon neutrality by 2030 and it fundamentally shares the goal of making fossil fuels redundant over time.