New dawn for Air India: Scindia on airline’s sale to Tata Group

Air India’s sale to the marks a new dawn for the airline, Civil Aviation Minister Jyotiraditya Scindia said on Friday as he hoped that the carrier would continue to bring people closer through successful operations.

Earlier in the day, the government announced that Talace Private Limited, a wholly-owned subsidiary of Tata Sons, has beaten a consortium led by SpiceJet promoter Ajay Singh by offering Rs 18,000 crore to win the bid to acquire debt-laden

“Air India’s return to the marks a new dawn for the airline! My best wishes to the new management, and congratulations to DIPAM Secretary and the Civil Aviation Ministry for successfully concluding the difficult task of paving a new runway for the airline to take off!” Scindia wrote on Twitter.

“I hope the airline will continue to deliver on its mission of bringing people closer through its successful operations,” he added.

The Tata Group’s bid of Rs 18,000 crore comprises taking over of Rs 15,300 crore of debt and paying the rest in cash, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said at a press briefing on Friday.

DIPAM is the government department responsible for privatisation.

Minister of State for Civil Aviation V K Singh also congratulated the for winning the bid.

“Under new management, I sincerely hope that the Maharaja will continue to be an enduring Indian brand which stands for excellent quality.

“Credit to the teams at the Civil Aviation Ministry and the DIPAM Secretary for their tireless efforts,” he wrote on Twitter.

The Ajay Singh-led consortium’s bid stood at Rs 15,100 crore, comprising taking over debt of Rs 12,835 crore and paying the remaining amount of Rs 2,265 crore in cash.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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