The government’s attempt to sell Air India over the past several years has finally succeeded. The company’s command has been acquired by Tata Group by bidding for 18000 crores. The Department of Investment and Public Asset Management (DIPAM) informed everyone about this by holding a press conference.
Giving information about this, DIPAM Secretary Tuhin Kant said that Tata Group had made the highest bid of 18000 crores for Air India. In such a situation, the debt of 15300 crores of Air India will be paid by Tata. Let us tell you that till August 31, Air India had a debt of Rs 61560 crore. In which now 15300 crores will be spent by Tata while another 46262 crores will be spent by Air India Asset Holding Company. DIPAM also informed that this will not affect the employees of Air India in any way. Let us tell you that Ajay Singh of Tata Group and SpiceJet had bid for Air India. It is noteworthy that Air India was started by JRD Tata. After 68 years, again the Tata Group has returned its name by buying the highest bid.
Troubles for Air India had increased since 2007 when Air India and Indian Airlines merged. The reason behind the merger was attributed by the government to rising fuel prices and increasing competition. After that the company started making losses continuously. By the year 2019, the company had a debt of more than 60 thousand. Apart from this, the estimated loss of the company for the year 2020-21 was also 9 Hajar Crore. Even before this, preparations were made for the disinvestment of Air India by the government. But this plan did not succeed in the first attempt. In the first attempt, the government had shown readiness to sell 76 percent of the company. However, this time the government showed readiness to sell 100 percent stake.