Shardul Amarchand Mangaldas (SAM), Crawford Bayley, Luthra & Luthra, ALMT Legal, Trilegal, Hammurabi & Solomon and Cyril Amarchand Mangaldas (CAM) have applied to act as legal advisors on Air India's share sale, reported the PTI.

The firms will have been making presentations before the Department of Investment and Public Asset Management (DIPAM) today, to be chosen for the mandate.

The biggest consultancies including KPMG, EY and Grant Thornton, among others, are also competing to grab the mandate for transaction advice on the deal which is a result of the June 2017 decision of the cabinet to go ahead with the strategic disinvestment of the loss-making national airline that is straining the public exchequer.

Air India is more than Rs 50,000 crore in debt.