Last year, the central government announced the sale of 100 percent stake in public sector airline Air India to the private sector. Air India, a state-owned company, has long been reeling under debt. It is said to have a debt of Rs 60,000 crore.
It is also said that Air India is facing losses on a daily basis. In the last financial year 2020 alone, Air India has incurred a loss of 25 thousand 509 crore rupees.
As such, it was decided to sell its stake in Air India in 2018. Following this, the government decided to sell 100 percent stake in Air India. Only Tata and SpiceJet had applied to buy the shares.
Meanwhile, a few days ago, some information about the auction was published in the media. That is,
“Tata has offered a minimum bid of Rs 15,000 crore and the central government has agreed to take full steps to hand over Air India to the Tata group within two months,” the sources said. It was said that the Union Cabinet had approved it.
Tata Group has officially acquired Air India. The central government announced that Air India had been sold to Tata for Rs 18,000 crore. Following this, Ratan Tata also posted a note on his Twitter, ‘Welcome Back Air India’.
Air India back in Tata hands!
Air India is an airline founded by the Tata Group in 1932. But in 1953, the central government took over Tata Airlines and nationalized it. Now, 67 years later, Air India is back in the hands of Tata.