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बुधवार, 15 सितंबर 2021

Will Tata's Air India once again after 70 years?

If all goes well, the debt-ridden public sector airline Air India may once again go into the hands of the Tata Group. Actually, the future of Air India is about to be decided. The last date for bidding for this airline was September 15, which ends today. Tata Sons is also among the bidders for this airline. A Tata Sons spokesperson said that the financial bid for Air India has been submitted. SpiceJet promoter Ajay Singh has also bid for Air India. This has been said in a report by Economic Times.

The airline was started in 1932: Let us tell you that JRD Tata started Tata Air Services in 1932, which later became Tata Airlines and on 29 July 1946 it became a public limited company. In 1953, the government acquired Tata Airlines and it became a government company. Now once again Tata Sons of Tata Group has shown interest in this airline. That is to say, after about 70 years, once again Air India is expected to go to the Tata Group. Tata Sons holds 66 percent stake in the group and is a major stakeholder of the Tata group.

Meanwhile, the government said it has received several financial bids to buy the national carrier Air India. Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), wrote on Twitter, "Transaction Advisor has received financial bids for Air India disinvestment. The process is now in the final stage."

Entire stake being sold: The central government wants to sell its 100 percent stake in the state-owned airline, which includes Air India's 100 percent stake in AI Express Ltd and 50 percent stake in Air India SATS Airport Services Pvt Ltd. The airline has been making losses since its merger with domestic operator Indian Airlines in 2007. The government has been trying to disinvest Air India since the year 2017. Since then, on many occasions, the efforts have not been successful.

However, the government later made some changes in the rules and gave a new option to the buyers. After this Corona came and due to this, the process of disinvestment got delayed. The government had asked prospective bidders to submit financial bids in April 2021. Its duration was till 15 September. However, the successful bidder will also get 100 percent control of Air India's cheap airline Air India Express.

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