Tata Group Emerges as Winning Bidder for Air India • Uteckie

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Tata Group Emerges as Winning Bidder for Air India

October 11, 2021

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by Youpal News Syndication

Tata Sons have won the bid for loss-making state-run airline Air India. So now the Tata Group will be the new owner of Air India. Tata Sons made a bid of 18 thousand crores for Air India, while Ajay Singh of SpiceJet had bid for 15 thousand crores. Tuhin Kant, Secretary, Department of Investment and Public Asset Management (DIPAM), said the transaction would be completed by December 2021.

Let us inform you that the Air India Specific Alternative Mechanism (AISAM) panel has decided on the financial bid of Air India. This panel includes Home Minister Amit Shah, Finance Minister Nirmala Sitharaman and many vital ministers and officials.

Let us inform you that selling Air India was started in January 2020 itself, but due to the Corona epidemic, it was continuously delayed. In April 2021, the government once again asked eligible companies to bid. September 15 was the last day for bidding. In the year 2020 also, the Tata Group had given a letter of interest regarding the acquisition of Air India. The government had started efforts to auction Air India from 2017 itself, but then the companies did not show interest. After this, the government relaxed the rules of expression of interest (EOL), after which some companies showed interest in buying the debt-ridden Air India. Under the new regulations, the loan provisions were relaxed so that the owned company did not have to bear the entire debt.

The airline has ‘Ghar wapsi’ after 68 years. The Tata group started Air India in October 1932 under the name Tata Airlines. After the independence of the country in the year 1947, the need for a national airline was felt. In such a situation, the Government of India acquired a 49 per cent stake in Air India. After this, in 1953, the Government of India passed the Air Corporation Act and then bought a majority stake in the company from the Tata group.

The post Tata Group Emerges as Winning Bidder for Air India appeared first on JK Media.

This content was originally published here.

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