Air India privatisation: Pawan Ruia takes a shot at aviation with EoI

Once known as a 'turnaround tycoon', Ruia was knocked off that pedestal after the firms he acquired went into liquidation

In a surprise development, Kolkata-based businessman Pawan Ruia has submitted an expression of interest to buy a 100 per cent stake in national carrier Air India. The Tata group and an employees’ consortium of Air India are the other entities to express interest.

The name may not strike a bell outside the Kolkata business circles, but Ruia came to be known as a “turnaround tycoon” after his takeover of financially stressed companies like Jessop & Company, Dunlop India and Falcon Tyres. However, he was knocked off that pedestal after the companies entered the Board for Industrial and Financial Reconstruction. They