Tata Sons have won the Air India bidding at ₹18,000 crores and Tata Sons take over Air India airline. The finance department has assured that there will be no sacking of the employees for a year. Now, the Air India airline will again go back to the Tata Sons who have a long history with the national carrier.
A Finance Ministry official told that the Tata Sons bid ₹18,000 crores for the government’s 100% stake in Air India. Tata Sons bid the highest but the decision was awaited due to political nod. However, reports said that the Tatas are also willing to acquire up to 15 per cent of Air India’s debt.
Also Read: Air India Sale: Govt. To Announce Winner Tomorrow, Sources Says Tata Group To Take
Officials told that the government was trying to sell Air India for some time but the process took a long time, including that of the pandemic. To keep Air India flying, the government loses ₹200 million every day and the accumulated loss is now over ₹700 billion.
After winning the Air India bidding, TATAs won a 100 per cent stake in Air India. They will now control Air India’s 4,400 domestic and 1,800 international landing and parking slots at domestic airports, as well as 900 slots at airports overseas, including London’s Heathrow Airport.
Additionally, Tata Sons will stake 1 50% of AISATS, which provides cargo and ground handling services at major Indian airports.
As of November 1, 2019, Air India is one of the most extensive flight service providers in India. Air India flies to 98 destinations including 56 domestic destinations and 42 international destinations.
