Monday, October 25, 2021
HomeBusinessTata Sons Wins Air India Bid, Formal Announcement Yet to be Made

Tata Sons Wins Air India Bid, Formal Announcement Yet to be Made

Advertisements
Advertisements

Tata is going to buy the government company Air India. According to the report of news agency Bloomberg, the panel has selected Tata Group for Air India. Ajay Singh of Tata Group and SpiceJet had bid for Air India. According to the report, the government can announce it soon.

Let us tell you that JRD Tata founded Tata Airlines in 1932. Air services were stopped during the Second World War. When the airlines were restored, on July 29 1946, the name of Tata Airlines was changed to Air India Limited. After independence, in 1947, 49 per cent participation of Air India was taken by the government. It was nationalized in 1953.

Why is the government selling Air India?

In response to a question in Parliament, the government had said that according to the provisional figures for the financial year 2019-20, Air India has a total debt of Rs 38,366.39 crore.

Advertisements

This amount comes after the airline transferred Rs 22,064 crore to the Special Purpose Vehicle (SPV) of Air India Assets Holding Limited.

How many properties does Air India have in total?

The total fixed assets of Air India as of March 31 2020, is around Rs 45,863.27 crore. This includes Air India’s land, buildings, aircraft fleet and engines.

What will happen to Air India employees?

The government had told in Parliament that based on guidance, the interests of Air India employees would be fully taken care of. Also, they will be kept entirely safe.

Advertisements

After 68 years, Tata will again have Air India.

Air India was earlier a Tata Group company. JRD Tata established this company in the year 1932. After independence, the aviation sector was nationalized, and due to this, the government bought 49 per cent shares of Tata Airlines.

Later this company became a public limited company, and on July 29, 1946, it was renamed Air India. In 1953, the government passed the Air Corporation Act and bought the ownership rights from the company’s founder JRD Tata.

After this, the company was again named Air India International Limited. In this way, the Tata Group has once again got its own company back after 68 years.

Advertisements

Already tried to sell

After its failed attempt to sell Air India in 2018, the government resumed the disinvestment process in January last year and its 100 per cent stake in the state-owned airline, including Air India’s 100 per cent stake in Air India Express Ltd. and invited bids for the sale of 50 per cent equity in Air India SATS Airport Services Pvt Ltd.

Advertisements
Abhay Singh
Abhay Singh is Our Journalist at Spot News 18. He Loves to Gather News and to Provide Authentic News to Our Readers. He Is very Passionated about his Work.

Related News

LATEST NEWS

Chhichhore Film Awarded as the Best Hindi Film in National Award

The 67th National Film Awards (67th National Film Awards) were held in the capital of the country today i.e. on Monday. In this ceremony,...

T20 World Cup 2021: How Pakistan Reacted on Historic Win Over India

The historic T20 match was played between India and Pakistan on 24 October. It was remarkable in many ways. After a long time, both...

Sapna Choudhary Dressed Like a Bride on Karwa Chauth

Sapna Choudhary Karwa Chauth: Like every year, this year also celebs celebrated the festival of Karva Chauth with great pomp. Since yesterday, pictures of...

Which will be the Two New Teams in IPL Ahmedabad or Lucknow?

Two New Teams in IPL 2022: Apart from the festivities of the T20 World Cup, IPL has once again come into the limelight. A...

Nawab Malik Said Sameer Wankhede Used Faked Birth Certificate

Mumbai Drugs Case: NCP leader Nawab Malik in Maharashtra claimed that Sameer Wankhede used forged documents, including his birth certificate. Sameer Wankhede has called...

STAY CONNECTED

1FansLike
0FollowersFollow
183FollowersFollow
107FollowersFollow