Ready for take off: Tata Group retakes Air India, makes Rs 18,000-crore winning bid for national carrier
It’s come full circle. India’s flag-carrier Air India is all set to return to the hands of Tata Group, which founded it close to 90 years ago, latest by the end of 2021. The diversified conglomerate won the rather sedate race for full ownership of the state-owned airline that has long guzzled taxpayers’ money by offering Rs 8,000 crore as enterprise value (EV) consideration.
Tatas bested the Rs 5,100-crore bid by a consortium led by SpiceJet promoter Ajay Singh and the reserve price of Rs 12,906 crore set by the government to be the winning bidder, Tuhin Kanta Pandey, secretary, department of investment and public asset management, said. The airline, though heavily indebted, continues to hold great brand strength and repute, with its iconic Maharaja tag.
