It’ The TATA’s which has won the bid to own The Indian Maharaja. The Government of India today announced the winning bidder for the national carrier Air India.
The government DIPAM Secretary and the Secretary of Civil aviation will addressiong a press conference at 4 pm, confirmed the winner of the Air India Bid is Tata Sons. Tata Group, had founded the airline several years ago.
The Government of India has infused Rs 1,10,276 crore in Air India since 2009. These are losses that have been funded through government-guaranteed loans.
TATA Sons wins the bid for India’s Maharaja’s
DIPAM Secretary Tuhin Kanta Pandey said: “The Tata Group quoted enterprise value Rs 18,000 crore.”
Air India’s combined debt as of August 2021 is Rs 61,562 crore. The debt to be taken over by the bidder was Rs 15,300 crore.
This means the government will be left with Rs 46,262 crore of Air India’s debt after the privatisation process is complete. This debt will remain with Air India asset holding company.
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DIPAM Secretary Tuhin Kanta Pandey said: “Over 200 queries asked seeking clarifications, revisions to share purchase agreement.”
He added: “We are not negotiating any terms and conditions after receiving financial bid. The reserve price was set before opening sealed financial bids.”
“Panel of ministers approved the price bid in October 4 meeting. Both bidders quoted well over the reserve price.”
