Tatas bid 39% more than floor price for Air India

Tata Sons won the country’s flagship carrier Air India (AI) for ₹18,000 crore after bidding 39% higher than the reserve price and surpassing the offer by SpiceJet promoter Ajay Singh-led consortium by little more than 19%, the government announced on Friday, putting an end to a five-year struggle to privatise the debt-laden airline.

The transaction is expected to be completed by December this year as the share-purchase agreement (SPA) was already agreed between the government and the bidder, disinvestment secretary Tuhin Kanta Pandey said.

The financial bid, was submitted on September 15, was opened in presence of bidders on September 29 and after due process, an empowered ministerial panel —