Update: It seems there has been some confusion regarding this news. Govt has denied this development as of now, and has said that media will be informed when a decision is taken.
Secretary of Department of Investment and Public Asset Management tweeted: “Media reports indicating approval of financial bids by Government of India in the AI disinvestment case are incorrect. Media will be informed of the Government decision as and when it is taken.”
This is still a developing story, because besides Tata Sons, only SpiceJet was in the fray to acquire Air India, and as per various reports, Tata’s bid was the highest.
But yes, we are not sure.
We will keep updating this story, as more details emerge.
Earlier..
And, it’s almost official now..
Air India has been sold to Tata Sons, and this way, Tata has become the new owner of Air India.
This is indeed a historical moment for the Indian Aviation industry.
Air India Sold To Tata Sons
As per exclusive reports by Bloomberg and MoneyControl, it has been revealed that an important panel consisting of the Union Ministers have agreed to sell Air India to Tata Sons.
It seems that the bid presented by Tata Sons was the highest bid among all other competitors.
MoneyControl has infact verified this development from Ministry of Civil Aviation officials.
One of the officials said, “The Tatas have placed the highest bid for Air India,”
As per some reports, Air India’s privatization was expected to be completed by December this year.
And on October 15th, Govt will officially announce the winning bid for Air India, and officially declare the new owners of Air India.
But it seems that the decision has already been taken, and Air India will be sold to Tata Sons.
Air India’s Privatization: Developments So Far.
Yesterday, we had reported that one senior ex-Director of Air India has revealed that Tata Sons is the frontrunner for acquiring Air India, since their bid was the highest.
We don’t have the exact amount for which the bid was placed.
SpiceJet was the other major bidder for Air India.
As of now, Air India has total accumulated debt of Rs 60,000 crore, and Govt has several times confirmed that Air India will be sold to private companies and it would be 100% privatized.
This is a developing story.. We will keep you updated, as more details come in.
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