(Image source from: timesofindia.indiatimes.com)
The Indian government accepted a proposal to the share in Air India and Tata Sons ended up winning the bid as per the latest reports. Tatas were trying to buy Air India and they have submitted their bid last month. Spice Jet Chief Ajay Singh too submitted his bid. The government announced to sell off the 100 percent stake in Air India, Air India Express and 50 percent stake in the ground handling. Union Commerce Minister Piyush Goyal and Union Finance Minister Nirmala Sitharaman were present in the committee that reviewed and finalized the bid. As per the rumor, the reserve price of Air India is expected to be between Rs 15,000 and 20,000 crores.
Air India was established in 1932 by JRD Tata who happened to be the country's first licensed pilot. The firm got nationalized during the Indian independence in the year 1947. Ever since the government had plans to sell the stake in Air India, the Tatas were quite interested. Air India suffered losses since 2007 after it got merged with Indian Airlines. Tatas will now have the control of 4400 domestic along with 1800 international landing and parking slots. The news say that the Tatas placed the highest ever bid for Air India. The Committee was headed by Home Minister Amit Shah and the bid was approved. Tatas are returning back to Air India after 67 years. The stake sale process was delayed due to the coronavirus pandemic.
By Siva Kumar
