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Tata Sons wins bid for acquiring Air India, makes winning bid of Rs 18,000 crore | Companies News

New Delhi: Tata Sons makes winning bid of Rs 18,000 cr for Air India, DIPAM Secretary informed on Friday. Tatas winning bid of Rs 18,000 cr comprises taking over of 15,300 cr debt and paying rest cash.

Panel of ministers has cleared winning bid for Air India; two bidders had put in financial bids, DIPAM Secretary said.

Prime Minister Narendra Modi`s government has been pushing to sell its entire interest in the loss-making airline, kept aloft by a bailout since 2012.

The government loses nearly 200 million rupees every day to run the national carrier, which has accumulated losses of over 700 billion rupees ($9.53 billion), officials have said.

An effort to auction a majority stake almost three years ago drew no bids, forcing the government to ease the terms. It had also extended the deadline multiple times due to the pandemic.

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