Air India Sale: Air India will head back to the Tata Sons after a 68-year gap with the central government approving the bid placed by the group. Tata Group has out bid a consortium led by SpiceJet's Ajay Singh.
Air India will head back to the Tata Group after decades flying as the national carrier, Department of Investment and Public Asset Management (DIPAM), Secretary, Tuhin Kanta Pandey announced today. Tata Sons will pay Rs 18,000 crore for the Maharaja, outbidding a consortium led by SpiceJet’s Ajay Singh who had bid Rs 15,100 crore. The transaction is expected to be close by end of December this year. The central government had started evaluating the bids for the debt-laden national carrier earlier last week. Reports suggest the Tata Group is the front-runner to win the Maharaja, while SpiceJet’s Ajay Singh is the other bidder competing for the airline. The evaluation of bids was done against an undisclosed reserve price