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Wednesday, October 27, 2021

Air India returns home, Tata Sons bid gets government nod

Tata Sons won Air India Bid: The state-owned airline Air India has got a new owner. The Central Government has approved the bid of Tata Sons. Tata Sons has made the biggest bid for Air India. A committee of ministers headed by Union Home Minister Amit Shah has approved the bid of Tata Sons. Tata Sons had made a bid of 18 thousand crores for Air India, while Sanjay Singh of Spice Jet had bid for Rs 15 crores.

The government has sold its 100% stake in Air India and Air India Express. Apart from this, 50 percent stake in Air India’s ground handling company has also been sold. Earlier in 2018 also the government had unsuccessfully tried to sell it. The government was not selling the entire stake then and wanted to keep 24 per cent with itself.

Tata Sons has to pay so much debt

Air India has a debt of Rs 60,074 crore as on March 31, 2019, out of which the new owner has to repay the debt of Rs 23,286.5 crore and the remaining debt will be transferred to a special purpose vehicle Air India Asset Holdings. The new owner of Air India has got 4400 domestic and 1800 international landing and parking slots in the country and 900 slots abroad.

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A few days ago, DIPAM secretary had denied

Earlier this month, on October 1, news agency ANI, quoting sources, had informed that Tata Sons’ bid for Air India, led by Union Home Minister Amit Shah, has been approved. However, shortly after, the secretary of DIPAM (Department of Investment and Public Asset Management) denied this by tweeting. The secretary tweeted that the news of the approval of Tata Sons’ bid for Air India is false. The secretary informed that if the government takes any decision related to it, it will be informed.

Tata started Air India

JRD Tata started Air India in 1932. Then its name was Tata Air Services and then it was changed to Tata Airlines. It was Tata who first flew it from Karachi to Bombay (now Mumbai) carrying mail. After the Second World War, it became a public limited company on 29 July 1946 and its name was changed to Air India. After independence, 49 percent stake of this aircraft company was acquired by the government. In the year 1953, the Government of India passed the Air Corporations Act and through this bought a majority stake in Air India.

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