The submit Air India comes home! AI goes back to the Tatas after 68 years as it wins bid for USD 2.4 billion appeared first on TD (Travel Daily Media) Travel Daily.
In a brand new daybreak for the Indian airways business, the nationwide provider Air India has gone back (*68*) its authentic founders. The Tata Sons gained the bid (*68*) purchase the airline at this time. The Tatas positioned a successful bid of INR 18,000 crore (USD 2.4 billion) (*68*) re-acquire the provider greater than half a century after it ceded management (*68*) the authorities.
The successful bid features a full 100 per cent stake in Air India and its low-cost arm, Air India Express and 50 per cent stake in ground-handling firm Air India SATS Airport Services Private Limited (AISATS).
Civil Aviation Secretary Rajiv Bansal stated that the successful bidder won’t retrench any worker for minimal interval of 1 12 months and if retrenched after a 12 months, they are going to have (*68*) be provided VRS (voluntary retirement scheme).
The authorities has additionally mandated Tatas (*68*) use the title and emblem of Air India for a interval of 5 years.
Earlier this month each Tata Sons and SpiceJet chairman Ajay Singh (in his personal capability) had positioned bids. As on 31 August 2021, Air India has a complete debt of INR 61,562 crore, out of that INR 15,300 crore can be taken over by the bidder.
In December 2020, the authorities invited expressions of curiosity for the divestment of Air India.
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