The Tata Group has thrown its hat into the ring for the cash-strapped Air India, an airline which it had sold to the government 67 years back.

The Tatas are not alone, the government says it has received multiple expressions of interest for the debt-ridden national carrier.

CNBC-TV18's Anu Sharma reports that second bid has come from a group of employees from Air India and a company called Interups Inc which is a real estate and asset management company from the USA. They will have 51 percent stake of the employees and 49 percent stake of Interups group.

Jitender Bhargava, former ED of Air India said, "One hopes that the bidders are serious about it and the government does not put any hurdles in the disinvestment process and it gets completed by the financial year-end."

"One is delighted that Tata Sons is one of the bidders. Considering that Air India was created by Tata Sons, it would be legitimate and justified that it goes back in their fold. If Tatas have to manage Air India, it will have a brighter future once again," Bhargava said.

(Edited by : Abhishek Jha)