Cyril Amarchand Mangaldas recently won the mandate to act as legal advisor for the Air India disinvestment process.
The firm had outbid Luthra & Luthra and Shardul Amarchand Mangaldas after the financial bid was opened, with Cyril Amarchand Mangaldas quoting a fee of Rs. 29.9 lakh for the prestigious Air India disinvestment deal.
Three law firms made it to the final round in the technical bid.
Luthra & Luthra topped with 94 marks, Shardul Amarchand Mangaldas got 91 marks and Cyril Amarchand Mangaldas got 89 marks. However, Cyril Amarchand won the mandate after the financial bid was opened, as the advisory fees quoted by the firm was much lower.
Whereas Luthra quoted Rs. 3.5 crore and Shardul Amarchand quoted Rs. 1.5 crore in advisory fees.
The cut off marks in the technical bid was 80 out of 100 and therefore, Crawford Bayley, Hammurabi & Solomon and Trilegal did not qualify.
Here are the marks obtained by law firms before opening of financial bids:
|Law Firm||Total marks out of 100|
|Crawford Bayley & Co||78|
|Cyril Amarchand Mangaldas||89|
|Hammurabi & Solomon Partners||63|
|Luthra & Luthra||94|
|Shardul Amarchand Mangaldas||91|
The Department of Investment and Public Asset Management (DIPAM) had earlier invited proposals for appointing legal advisors in assisting the strategic sale of Air India.
The mammoth deal includes an operating fleet of 142 aircraft comprising 65 A320 aircraft, 15 B777 aircraft, 24 787 aircraft, 23 737-800 aircraft, 11 ATRs, and four B747 aircraft.