New Delhi: The return home of debt-ridden state-owned airline Air India has been officially sealed. Tata Sons have won air India's bid, surpassing SpiceJet. Tata Group has got the command of Air India. The company has made the biggest bid of Rs 18,000 crores for this purpose. Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kant Pandey, who is under the Ministry of Finance, has said that the Committee of Ministers has given the green signal to the winning bid for Air India.
The Secretary, DIPAM informed that Tata Group has bid Rs 18,000 crores for Air India, out of which Tata Group will repay a loan of Rs 15300 crores to Air India and the remaining Rs 2700 crore to the government. Air India had a debt of Rs 61,560 crore as of August 31. In this, Tata Sons are going to pay Rs 15,300 crores, while the remaining Rs 46,262 crores will be paid by AIAHL (Air India asset holding company). Tuhin Kant Pandey said the transaction is likely to be completed by the end of December 2021. In this deal, no non-assets (such as land and buildings) will be sold, including Air India's land and buildings.
The property, worth a total of Rs 14,718 crores, will be handed over to government company AIAHL. As per the terms of the Government, tata, a successful bidder, will get 100 per cent power of subsidiary Air India Express besides Air India. On the other hand, a 50 per cent stake in AISATS will be controlled. State that AISATS provides cargo and ground-level services at major Indian airports. As per disinvestment rules, Tata will be allowed to land 4,400 domestic and 1,800 international flights at Air India's domestic airports.
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Welcome back, Air India ???????? pic.twitter.com/euIREDIzkV
— Ratan N. Tata (@RNTata2000) October 8, 2021
On the other hand, Ratan Tata, the head of the group, has made an emotional post on Air India's homecoming after 68 years. He also attached a note tweeting 'Welcome Back, Air India.'Â It also shared a picture of visionary businessman JRD Tata, who launched the aviation service in 1932, with Air India.
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