US fund Interups pulls out of Air India race as deal with employees fails

Interups had planned to team up with the employees with 49:51 per cent shareholding, promised to invest billions of dollars in Indian aviation sector

US-based fund Interups has backed out of the race to acquire Air India.
 
The fund, which has targeted several stressed assets in India, was looking to partner the airline’s employees for the bid. But with the employee consortium refusing to join hands, Interups has withdrawn its expression of interest (EoI).
 
Interups Inc Chairman Laxmi Prasad confirmed the development to Business Standard but did not elaborate.
 
In his LinkedIn post, Laxmi Prasad said, “We are not filing our physical bid for Air India today — we have rather chosen to support the employees who already have filed their