Connect with us

Hi, what are you looking for?

[t4b-ticker]

Videos

Tata Group Wins Bid For Air India : Key Points You Need To Know

The Tata Group took over state-owned Air India, marking a successful end to the government’s bid to privatise the national carrier after having failed to sell a majority stake in it in 2018.

But what makes this announcement historic and what are some of the key takeaways.

  1. Tata Sons won the bid to bag debt-laden Air India with a winning bid of Rs 18,000 crore.
  2. Tata Sons will acquire Air India, 50 per cent of Air India-Sats, and Air India Express. The government will get ₹ 2,700 crore in cash from the Air India sale. The rest is the government’s debt, which Air India will take over.
  3. The finance department assured that there will be no sacking of the employees for a year.
  4. Air India employees will be given a voluntary retirement scheme or VRS in the second year and there will be no retrenchment in the first year.
  5. To keep Air India flying, the government loses 20 crore every day and the accumulated loss is now over 70,000 crore.
  6.  After five years, Tata Sons can transfer the brand but only to an Indian person so that the brand – Air India – remains Indian in perpetuity.
  7. Tatas have a long history with the national carrier. JRD Tata founded the airline in 1932 and it was at that time called Tata Airlines.
  8. The long-awaited Air India divestment is being heralded as one of the biggest reforms by the Narendra Modi government. The earlier attempt in 2018 didn’t find any takers.
  9. At present, the Tata Group operates Vistara in partnership with Singapore Airlines and AirAsia India in partnership with Malaysia’s AirAsia.
  10. Air India Returned to Tata after 68 years.

You May Also Like

India

Aryan Khan's request has been denied for bail twice on the grounds that he was indulging in 'illicit drug activities on a regular basis'.

Entertainment

Dadasaheb Phalke Award is given for excellence in cinematic achievement, is the highest honour in film and is awarded by the government.

India

New Delhi: The Bombay High Court adjourned the hearing in Aryan Khan’s bail plea till 2.30 pm on Wednesday. Former attorney general Mukul Rohatgi,...

Opinion

The Narcotics Crime Bureau (NCB) investigation against Aryan Khan has so far been like a bad soap opera, a vengeful operation, full of ifs...

Advertisement