Tata Group Wins Air India Bid: Check Updated News Here

Tata Group Wins Air India Bid: According to news agency ANI, which cited sources, Tata Sons, the holding company of Indian global conglomerate Tata Group, has won the bid to assume ownership of Air India. In a statement, the Department of Investment and Public Asset Management clarified that media reports implying that the Government of India had approved financial bids in the AI disinvestment case are wrong. “As and when the Government makes a decision, the media will be informed,” it stated.

According to reports, the winning offer for the national airline was accepted by the Committee of Ministers on the National Carrier Disinvestment, which is chaired by Home Minister Amit Shah.

Last week, the government considered financial bids for the takeover of Air India from the Tata Group and the creator of SpiceJet. The financial bids were compared to an undisclosed reserve price, with the highest bid above that benchmark being approved.

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After 67 years, Air India has returned to the Tata group. In October 1932, the Tata Group established Air India as Tata Airlines. The airline was nationalised by the government in 1953.

Tata Group Wins Air India Bid: Check Updated News Here-

The government is selling its entire investment in the state-owned national carrier, including Air India’s 100% ownership of AI Express Ltd and 50% of Air India SATS Airport Services Private Ltd.

Due to the COVID-19 pandemic, the share sale process, which began in January 2020, was delayed. The government requested financial bids from possible bidders in April 2021. The deadline for financial bids was September 15th.

The Tata Group was one of several companies that submitted an initial expression of interest (EoI) for the Maharaja in December 2020.

Tata Group Wins Air India Bid: Check Updated News Here-

After failing to attract significant interest in previous attempts since 2017, and after receiving feedback from potential investors, the government sweetened the EoI clause relating to the transfer of Air India’s debt to the new investor in October last year, allowing bidders to choose the amount of humongous debt they want to absorb.

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According to the Air India Expression of Interest (EoI) issued by the Department of Investment and Public Asset Management (DIPAM) in January 2020, the buyer would be required to absorb Rs 23,286. 5 crore of the airline’s total debt of Rs 60,074 crore as of March 31, 2019. The balance will go to Air India Assets Holding Ltd (AIAHL), a special purpose vehicle.

Since its merger with domestic carrier Indian Airlines in 2007, Air India has been losing money. The airline, which began as a mail carrier for the Tatas in 1932, will hand over control of 4,400 domestic and 1,800 international landing and parking slots at domestic airports, as well as 900 slots at international airports to the winning bidder. In addition, the winning bidder will receive 100% of Air India Express’s low-cost arm and 50% of AISATS, which provides cargo and ground handling services at major Indian airports.

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