The process of privatizing the indebted national airline Air India has entered its final stage. According to sources, Air India will get a new owner in October. The financial offer for this can be opened today.
Ajay Singh of the Tata Group and SpiceJet has made a bid for Air India. According to sources, the government could announce in mid-October that Air India will return to the Tata group or that Maharaja will get a new owner in the form of Ajay Singh.
According to sources, the government hopes the sale of Air India will happen in due course. The financial offering for this can be opened on Wednesday. However, this cannot be independently confirmed. ET previously said the financial deal was likely to open at the end of the month. According to sources, the government has until mid-October to announce the tender winner.
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Ajay Singh of Tata Group and SpiceJet could not immediately be reached for comment. The government sold all of its shares in Air India and Air India Express. Land company Air India also sold a 50 percent stake in AISATS. That’s why Ajay Singh of Tata Group and SpiceJet made individual offers.
The sale of Air India is a key part of Modi’s state privatization programme. A ministerial committee chaired by Home Minister Amit Shah personally oversees it.
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This is the second time the government has tried to sell its stake in Air India. In early 2018, the government tried to sell 76% of the company’s shares but found no value. The reason for this is that the state wants to retain a 24% stake in it even after privatization.
Under the current proposal, Air India will be transferred to the new owners along with a loan of 23,000 rupees. The remaining company debt will be transferred to Air India Asset Holdings Ltd (AIAHL).
Tata Group has made a bid for Air India through AirAsia India. Air India was founded by the Tata Group and now, after 68 years, Air India is expected to rejoin the Tata Group. JRD Tata founded Tata Airlines in 1932. Air traffic stopped during World War II.
When the airline was re-established on 29 July 1946, its name was changed from Tata Airlines to Air India Limited. After independence in 1947, 49% of Air India’s shares were taken over by the government. In 1953 it was nationalized.
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