Tata Sons has won the bid for Air India, a state-run airline. The Center has recently invited bids to hand over the national carrier, which has a debt of over Rs 70,000 crore.
With the Centre’s decision, Tata and SpiceJet made bids to acquire Air India. However, Tata Sons finally won the bid. After a long hiatus of 67 years, Air India is again owned by Tatas.
The Tata Group founded Tata Airlines in 1932. The company operates Vistara Airlines in association with Singapore Airlines. As per reports, the government loses nearly Rs 20 crore every day to run the national carrier, which has accumulated losses of over Rs 70,000 crore.
Prime Minister Narendra Modi’s government has been pressing to sell its entire interest in the loss-making airline, kept over by a bailout since 2012.
The Air India Building in Mumbai and the Airlines House in Delhi will also be awarded to the bidder as per the agreement.
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