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Civil Aviation Minister Jyotiraditya Scindia assured the process of divesting government stake in Air India was underway. Talking to the press in Srinagar on Saturday, the minister informed that the technical bids for the national flag carrier were being analysed before the financial bids are opened.

“We have received technical bids and financial bids which are in sealed envelopes. Currently, the technical bids are being scrutinised. Financial bids will be opened only after scrutiny of technical bids," said the Civil Aviation Minister. 

He said the process of Air India privatisation is on and it will reach its culmination. “We will be informing you as we move along the process."

Scindia, however, did not divulge the number of bids received for the debt-laden national carrier.

“As long as the process of scrutinisation is going on, I shall not divulge any details. Till then, you guess is as good as mine," Scindia added.

Multiple financial bids have reportedly been received for the airline, but specific details about the bids could are not available yet.

Earlier reports have indicated that Tata Sons, the holding company of India's largest conglomerate, and SpiceJet chief Ajay Singh are among bidders who have submitted financial bids to acquire the state-run Air India.

The financial bids will be evaluated against an undisclosed reserve price and the bid offering the highest price above that benchmark would be accepted. The bid will be initially examined by the transaction advisor before the recommendation is sent to the Cabinet for approval.

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