Tata Sons wins bids for Air India: The Tata group’s bid for the loss-making Air India was the best, but the government did not officially confirm the decision, which was discussed on social media on Friday. Sources said a group of ministers led by Union Home Minister Amit Shah is yet to approve Tata’s bid.
Sources said a group of ministers led by Union Home Minister Amit Shah is yet to approve Tata’s bid.
Tata Sons wins bids for Air India
Despite four separate tenders for the purchase of Air India, Tata Sons, the highest bidder, is leading the competition. SpiceJet Chairman and Managing Director Ajay Singh has also filed a tender.
Highest bidder coming from Tata Sons
Sources said the bids were evaluated on the basis of fixed reserve prices, with the highest bidder coming from Tata Sons. The secretarial committee constituted for the deportation under the chairmanship of the cabinet secretary has also completed the investigation. He is said to have submitted his recommendation to the Shah-led Union ministers set up to privatize Air India for a final decision.
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However, the news that the bid for Air India has been accepted is false and the central government has not yet approved any bids of the company, said Tuhin Kanta Pandey, secretary, DIPAM, export division of the Union finance ministry. . When a decision is taken, he will be informed, he added. The Union finance ministry and Tata Sons itself declined to comment.
Selling 100% stake in Air India
The process of selling 100% stake in Air India was started by the Center in January 2020. In addition, it holds 100 percent stake in its subsidiaries, Air India Express Limited and Air India Sats Airport Services Private Limited. The government proposed to sell 50 per cent stake in Ltd. However, the outbreak of the Corona pandemic delayed the process. Later, in April 2021, the government asked interested companies to re-bid. The last date for bidding was September 15.
Hope to get approval soon
What is the debt burden? The total outstanding debt of Air India as on 31 March 2019 is Rs 60,074 crore. Out of this, Rs 23,286 crore will be borne by the buyer. The company has been making losses since 2007.
Air India re-owned?
If the ownership of Air India passes to the Tata’s, the group will regain ownership of the established airline after 67 years. Founded by JRD Tata in 1932 as Tata Airlines, the company’s name was changed to Air India in 1946. In 1948, Air India International also started flights to Europe. However, in 1953, the government took over Air India and nationalized it.