Air India is back home. Tata Group is buying it for Rs 18,000 crore. This was announced by the Finance Ministry's Department of Investment and Public Asset Management (DIPAM). Air India and Air India Express will be commanded by Tata.
DIPAM's secretary said that when Air India passes into the hands of the winning bidder, the debt of Rs 46,262 crore on the company's balance sheet will go to AIAHL. He said that the government will get cash of Rs 2,700 crore in this deal.
Cargo and ground handling company AISATS will also get half the stake. SpiceJet chairman's consortium had placed a bid of Rs 15,000 crore. The secretary of DIPAM said that the deal will be closed by December, that is, the transaction will be completed.
News of shopping came a few days ago
A few days ago, a Bloomberg report claimed that Tata Sons' offer to buy Air India has been accepted. But the government rubbished the news that the Tata Group's bid was approved and said no decision had been taken in this regard.
3 thousand crores more bid than Ajay Singh
According to the same report of Bloomberg, Tata Group had bid about Rs 3,000 crore more than SpiceJet chairman Ajay Singh. The last date for bidding for Air India was September 15, after which it was speculated that the Tata group might buy Air India.
Reserve price of 15 to 20 thousand crores
The government had invited tenders to sell the entire 100% stake in Air India. Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal, and Aviation Minister Jyotiraditya Scindia were in the committee that was formed for Air India. According to sources, the reserve price of Air India was fixed at Rs 15,000 to Rs 20,000 crore.
Air India is saddled with huge debt
The government has failed in its plan to sell the huge debt-ridden Air India for many years. It had invited bids in 2018 to sell a 76% stake and had promised to retain management control. When no one showed interest in it, the government decided to sell it with management control.
Was trying to sell since 2000
The decision to sell Air India was first made in 2000. On May 27 that year, the government had decided to sell a 40% stake in it. In 2000, the NDA government led by Atal Bihari Vajpayee had disinvested several companies, including the Centaur Hotel in Mumbai. Arun Shourie was then the disinvestment minister.
10% share was to be met by the employees
The government then decided to give 10% share to employees and 10% to domestic financial institutions. After this, the government's stake in Air India would have come down to 40%. For the last 21 years, there were many attempts to sell Air India, but every time the matter got stuck due to one reason or the other.
Nationalization happened to deal with the recession
JRD Tata started Tata Airlines in 1932. After the Second World War, the aviation sector was badly affected worldwide. In such a situation, to deal with the slowdown, the Planning Commission had suggested the nationalization of all airline companies.
Eight airlines join together to become AI and IA
In March 1953, Parliament passed the Air Corporations Act. After this eight airlines of the country were nationalized. Among them was Tata Airlines. Indian Airlines and Air India were formed by merging all the companies. Air India was given the responsibility of international and Indian Airlines for domestic flights.
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