Has government sold Air India?
The long-awaited sale of India’s national carrier Air India is now done. The Tata group has snapped up the loss-making airline four years after the government announced its intention to sell it. Air India is now back to the Tata stable, 68 years after the government nationalised it.
Why Air India is sold?
Why was Air India sold? In 2017, the Modi government announced its plans to sell the national carrier after it suffered recurring losses and particularly following a gigantic cash crunch. The airline hasn’t made a profit since its merger with Indian Airlines in 2007.
Is Air India going to be Privatised?
The government on October 8 announced that salt-to-software conglomerate Tatas have won the bid to acquire debt-laden national carrier Air India for Rs 18,000 crore. … The deal, which is expected to be completed by December-end, also includes the sale of Air India Express and ground handling arm AISATS.
Will Tata change Air India name?
Tata Sons will own Air India as it won the bid for ₹18,000 crore, the finance ministry announced on Friday. The total handover process involves many nuances and here is all you need to know. 1. The handover process will be completed by December 2021.
Is Tata interested in Air India?
NEW DELHI: The Tata Group won the financial bid for acquiring debt-laden national carrier Air India on Friday. The decision marks the start of the Centre’s privatisation programme after a hiatus of nearly two decades.
Which airline is owned by Tata?
Tata has Vistara, a joint venture with Singapore Airlines Ltd. for full-service domestic and international flights. They also have a majority stake in a no-frills carrier with Malaysian entrepreneur Tony Fernandes’s Air Asia Group.
Why is Air India in loss?
Faulty decisions on aircraft purchases, self-interest of CMDs, failed marriage with IA, among reasons for Air India’s downfall. Air India, the national carrier of India, is now sold back to Tata group, reportedly for ₹18,000 crore, 20 per cent over its reserve price plus aircraft debt of ₹15,300 crore.
Who is interested in buying Air India?
Tatas, SpiceJet’s Ajay Singh submit financial bids to acquire Air India. After a failed attempt in 2018, the government invited expression of interest last January to sell 100 per cent stake in Air India and Air India Express and 50 per cent stake in ground handling arm AISATS.