Tata Sons wins bid to acquire national airline Air India

The Tata Sons group won the bid to acquire the national airline Air India. Tata Sons have made a winning bid of Rs 18,000 crore for Air India. Talace Private Ltd, which is a wholly-owned subsidiary of Tata Sons, emerged as a successful bidder for the Air India acquisition by defeating a consortium led by Ajay Singh whose bid amounted to Rs 15,100 crore. . Both bidders had quoted above the reserve price of Rs 12,906 crore.

Department of Investments and Public Resource Management, DIPAM Secretary Tuhin Kanta Pandey told a press conference in New Delhi that the winning bid includes taking on a debt of 15 300 crore rupees and the payment of change. He added that in addition to 100% in Air India and its low cost subsidiary, Air India Express, the winning bid also includes a 50% stake in ground handling company Air India SATS Airport Services Private Limited. , AISATS.He said the transaction is expected to be completed by December 2021.
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Mr Pandey said an inter-ministerial group made up of Home Secretary Amit Shah, Finance Minister Nirmala Sitharaman, Trade Minister Piyush Goyal and Aviation Minister Jyotiraditya Scindia approved the winning bid. for Air India on October 4.

Mr Pandey said that Finance Minister Nirmala Sitharaman stated in her Union Budget Speech that the Indian government aims to complete the divestiture of Air India in fiscal year 2022. He said that the competitive process had taken place in a transparent manner.