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April 17, 2001 		Feedback  
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Bidders for Indian Airlines to begin due diligence on Wednesday

Bidders for a 26 per cent stake in state-run Indian Airlines will be allowed to begin performing due diligence on Wednesday, the leader of one bidder said on Tuesday.

Venugopal Dhoot, chairman of electronics company Videocon International, said the management of the money-losing airline indicated bidders would be given access to the airline's financial records.

The billionaire Hinduja brothers and Videocon were the only two groups to submit bids for Indian Airlines by the February 23 deadline.

Indian Airlines draws two-thirds of its revenue from domestic routes.

A major Indian financial daily, reported on Tuesday that Indian Airlines is expected to post a loss of Rs 2.51 billion for the current year through March.

The airline lost an estimated Rs 1.77 billion in the past year, exceeding the total Rs 1.12 million in profits earned over the preceding three years.

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