Tata Sons won a 100% stake in Air India, having bid $2.4 billion for the debt-ridden airline.
Who has bought Air India?
NEW DELHI : India’s Tata Sons is buying the country’s national carrier Air India, returning the airline to its founders and ending a decadeslong struggle by the government to unload the money-losing venture.
Who bought Air India 2021?
On Monday, the central government signed a share purchase agreement with Tata Sons for sale of Air India for Rs 18,000 crore. The government on Monday signed a share purchase agreement with Tata Sons for sale of national carrier Air India for Rs 18,000 crore.
Does Tata still own Air India?
The Tatas will own 100% stake in Air India, 100% in its international low-cost arm Air India Express and 50% in the ground handling joint venture, Air India SATS.
Which Tata company buy Air India?
The government had accepted an offer by Talace Pvt Ltd, a unit of the holding company, to pay ₹2,700 crore cash and take over ₹15,300 crore of the airline’s debt. The government on Monday signed a share purchase agreement with Tata Sons for sale of national carrier Air India for ₹18,000 crore.
Which airline is owned by Tata?
Tata has Vistara, a joint venture with Singapore Airlines Ltd. for full-service domestic and international flights. They also have a majority stake in a no-frills carrier with Malaysian entrepreneur Tony Fernandes’s Air Asia Group.
Who will pay Air India debt?
As on August 31, Air India had a total debt of ₹61,562 crore. About 75 per cent of this debt or ₹46,262 crore will be transferred to a special purpose vehicle AIAHL before handing over the loss-making airline to the Tata Group.
Who is the new owner of Air India?
Tata Sons won a 100% stake in Air India, having bid $2.4 billion for the debt-ridden airline. Tata will take on $3.1 billion in debt but maintain Air India’s brand and assets.
Why is Air India sold?
Why was Air India sold? In 2017, the Modi government announced its plans to sell the national carrier after it suffered recurring losses and particularly following a gigantic cash crunch. The airline hasn’t made a profit since its merger with Indian Airlines in 2007.
Has Air India been sold?
The long-awaited sale of India’s national carrier Air India is now done. The Tata group has snapped up the loss-making airline four years after the government announced its intention to sell it. Air India is now back to the Tata stable, 68 years after the government nationalised it.
Who is owner of IndiGo?
The airline was founded as a private company by Rahul Bhatia of InterGlobe Enterprises and Rakesh Gangwal, in 2006. InterGlobe had a 51.12% stake in IndiGo, while 47.88% was held by Gangwal’s Virginia-based company Caelum Investments.
Why did Tata govt take Air India?
WHY IS THE GOVT SELLING AIR INDIA? It was the third attempt to sell the national carrier and this time the Centre went all out, deciding to offload its entire stake lock, stock and barrel to the highest bidder. “We’ve decided that Air India will be 100 per cent disinvested.