SIA to bid for Air India

SIA to bid for Air India

SINGAPORE (Dow Jones): Singapore Airlines Ltd. (P.SAL) confirmed Friday that it has submitted an initial bid for Air India (P.AIN) in a joint proposal with India's Tata Group (P.TTA), the Business Times reported Saturday.

However, an SIA spokesman declined to release details, the report said.

Reports say the Indian government has indicated Air India is worth US$688 million, the Business Times report said.

Bidding closed Friday for a 40 percent stake in Air India and a 26 percent stake in Indian Airlines, largely a domestic airline, the report said.

The Indian government is offering the stakes as part of its drive to privatize state-run companies.