New Delhi, Oct 01: Tata Sons has reportedly won the final bid for acquiring national carrier Air India. This marks the return of Air India to Tata fold after 67 years.
The Tata Group founded Air India as Tata Airlines in October 1932. The government nationalised the airline in 1953.
As per the Air India EoI floated by the Department of Investment and Public Asset Management (DIPAM) in January 2020, of the airline’s total debt of Rs 60,074 crore as of March 31, 2019, the buyer would be required to absorb Rs 23,286.5 crore. The rest would be transferred to Air India Assets Holding Ltd (AIAHL), a special purpose vehicle.
Air India has been in losses ever since its merger with domestic operator Indian Airlines in 2007.