Tata Sons will acquire national carrier Air India. The company has won the bid for Rs 18,000 crore, the government said on Friday. Read the details:
New Delhi: Tata Sons will acquire national carrier Air India. The company has won the bid for Rs 18,000 crore, the government said on Friday.
The government will divest its 100 per cent stake in Air India, Air India Express and 50 per cent stake in ground handling company AISATS.
Department of Investment and Public Asset Management secretary Tuhin Kanta Pandey said the transaction would be completed by December 2021.
Tata Sons were up against Spicejet promoter Ajay Singh-led consortium that had bid for Rs 15,100 crore.
The bid was filed by Tata Sons wholly-owned subsidiary Talace Pvt Ltd. The total debt of Air India as of August 31 stands at Rs 61,562 crore. Utmost confidentiality had been practiced regarding the reserve price for the national carrier. Air India's reserve price was fixed after the bids were called to ensure that the bidders do not get to know about the reserve price prior to their bidding.