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Tata Sons Makes Winning Bid For Air India
The centre today (October 8, 2021) announced that Tata Sons has made the winning bid for debt-ridden air carrier Air India for a financial consideration of Rs. 18000 crore to acquire 100% stake in the entity.
Tuhin Kanta Pandey, secretary to the Department of Investment and Public Asset Management (DIPAM) said an SPV of Tata Sons- the holding company of conglomerate - has emerged as a successful bidder. "We received two financial bids on September 15. The panel of ministers cleared the winning bid. Tata is the winning bid," he added. The DIPAM further clarified that the sale process of Air India started 4 years hence in 2017 and by the end of 2020, the government was in receipt of 7 EOIs.
The bid by the Tatas' amounting to Rs. 18000 crore includes taking over Rs. 15,300 crore debt of the carrier and paying off the rest in cash.
Further, Pandey iterated that a GoM including union home minister Amit Shah, union finance minister Nirmala Sitharaman, union commerce minister Piyush Goyal and union civil aviation minister Jyotiraditya Scindia has given the approval for the winning bid for Air India on October 4.
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