Tata Sons wins bid for acquiring Air India at Rs 18,000 crore
Jasleen Kaur
October 8th 2021 04:26 PM --
Updated:
October 8th 2021 07:15 PM
Tata Sons has emerged as the top bidder for the takeover of debt-laden state-run airline Air India at Rs 18,000 crore, said Tuhin Kanta Pandey, secretary to the Department of Investment and Public Asset Management (DIPAM) on Friday. Group's chairman emeritus Ratan Tata tweeted a vintage photograph of the company's former chairman JRD Tata stepping down from an Air India flight.
"The Tata Group winning the bid for Air India is great news! While admittedly it will take considerable effort to rebuild Air India. It will hopefully provide a very strong market opportunity to the Tata Group's presence in the aviation industry," said Ratan Tata in a press statement.
"On an emotional note, Air India under the leadership of JRD Tata had at one time gained the reputation of being one of the most prestigious airlines in the world. Tatas will have the opportunity of regaining the image and reputation it enjoyed in earlier years. JRD Tata would have been overjoyed if he was in our midst today. We also need to recognise and thank the government for its recent policy of opening select industries to the private sector. Welcome Back Air India!" he added.