India

Tata Sons bid for debt-ridden Air India; Once again after 67 years

Tata Sons has bid for the acquisition of financially strapped state-owned Air India. A company spokesperson has given this information. On the other hand, the Department of Investment and Public Property Management said it had received a proposal from Tata Sons for the purchase. Is. If Tata’s bid is successful, ownership will once again go to Tata after 67 years. The Tata Group started Air India in 1932 under the name Tata Airlines. It was then taken over by the Indian government in 1953. With the acquisition of Air India, 4,000 domestic and 1,800 international and parking spaces will be available.

“Several proposals have been received for the acquisition of Air India. We have also received a proposal from Tata Sons, ”tweeted DIPAM Secretary Tuhin Kant Pandey.

The process of selling Air India started in January 2020. But the Corona crisis delayed it. In April 2021, the government once again offered to bid on companies. Today was the last day to bid. In the year 2020 too, the Tata Group had made a proposal to buy Air India. Earlier in 2017, the government had started the auction of Air India. But no company showed interest then. After the merger with Indian Airlines in 2007, Air India started making losses. At present, Air India has a debt of Rs 60,074 crore. However, the purchasing company will have to pay Rs 23,286.5 crore. The remaining loan will be transferred to the specially formed Air India Asset Holdings Limited. This means that the rest of the debt will be borne by the government.

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