Hinduja group and US-based Interups join race to buy Air India

Indian conglomerate Hinduja Group and US-based Interups have joined the race to buy cash strapped Air India, reported the Business Standard.

According to a report published in the newspaper, Interups - a New York-based investment firm is also considering a bid to buy the national carrier.

As per the report, the Hinduja group had also shown interest in taking over the grounded Jet Airways last year but opted out as it realised that the privatisation of Air India could offer better opportunities.

“We are looking at Air India and will take a decision once the bid documents are in place,” a source at Hinduja Group was quoted as saying by Business Standard.

Laxmi Prasad, the chairman of Interups also confirmed to the newspaper that his company would be a serious contender for Air India bid.

“We have opened a dialogue with the ministry, and our CEO Louise Jones will be in India next week. We have some concerns on non-inclusion of maintenance, repair, and overhaul assets in the acquisition and would put our appeal before the government, as without MRO it will be difficult for our identified operators to manage aircraft maintenance,” he was quoted as saying by the newspaper.

Founded in the 1940s by industrialist JRD Tata, Air India was renamed in 1953.