Tata WINS Bid For Acquiring National Carrier Air India
It's official! Tata Group emerges as winning bidder for national carrier Air India, the government announced on Friday.
It’s official! Tata Sons have emerged as the successful bidder for national carrier Air India. The announcement was made by the government on Friday. With this, Air India comes back to its founder after 68 years.
Tata Sons bid ₹18,000 crores for the government’s 100% stake in Air India, a finance ministry official told reporters, Reuters reported.
News agency tweeted about the same and wrote: “Tata Sons wins the bid for acquiring national carrier Air India”
Check out the tweet:
Tata Sons wins the bid for acquiring national carrier Air India pic.twitter.com/XgAW5YBQMj
— ANI (@ANI) October 8, 2021
“Talace Pvt Ltd of Tata Sons is the winning bidder at Rs 18,000 crores. The transaction is expected to close by the end of December 2021, says Tuhin Kant Pandey, Secretary, DIPAM,” tweeted ANI.
Further, the government said that the winning of Tata Group will have to retain all employees for a period of one year. They will have to offer VRS to those who will be terminated from the second year onwards. Currently, Air India has a total of 12,085 employees among which 8,084 are permanent and 4,001 are contractual.
With this, for Tata Group, Air India adds a third airline brand to its stable, considering they already hold a majority interest in AirAsia India and Vistara.
The government decided to sell 100 percent of its stake in Air India as the national carrier faced continued losses and it’s total debt on Air India was Rs 61,562 crore as of August 31.
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