Salt to steel conglomerate Tata Sons has won the bid to buy state-run airline Air India. The proposal for $2.4 billion gives Tata a 100% stake in the debt-ridden airline. The winning bid also exceeded the reserve price of $1.72 billion set by the Government. Tata beat airline SpiceJet’s promoter Ajay Singh to bag Air India.
Ratan Tata, the chairman emeritus of Tata Sons, tweeted that the Tata family had big plans to restore Air India to its days as “one of the most prestigious airlines in the world.”
The Indian Government has approved a bid of Talace Pvt Ltd, a wholly-owned subsidiary of Tata Sons Pvt. Ltd. The deal comes after previous attempts by the Government to sell the ailing airline failed.
With a significant debt of $8.2 billion, the Government found no buyers when ...