On Friday, Tata Sons won the bid to procure the national carrier Air India, with reports stating that the firm put the winning bid of Rs 18,000cr to acquire the airline after over half a century after it gave the control to the government.
Ratan N Tata also took to Twitter to acknowledge Tata Group winning the bid for Air India.
Welcome back, Air India 🛬🏠 pic.twitter.com/euIREDIzkV
— Ratan N. Tata (@RNTata2000) October 8, 2021
In addition to the 100% stake in Air India and Air India Express, the bid also comprised a 50% stake in the ground-handling firm Air India SATS Airport Services Private Limited.
According to narratives, Tuhin Kanta Pandey, DIPAM Secretary stated that Tata’s, special purpose vehicle, Talace Pvt Limited was the winning bidder. He added that as of 31 August 2021, Air India had a total debt of INR 61,562 crores of which INR 15,300 crores will be undertaken by the bidder, thus INR 46,262 crores will be given to Air India Assets Holding Limited which is a special purpose vehicle made by the government.
Based on accounts, Rajiv Bansal, the Civil Aviation Secretary elucidated that the winning bidder won’t cut back any employee for a minimum of a year and if after a year they are cut off, they will be provided with the voluntary retirement scheme. Furthermore, gratuity and provident fund advantages will also be offered to all the employees.
Also Read: Fully Vaccinated Indian Travellers To The UK Won’t Need Quarantine, October 11 Onwards
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