Historic Moment! Chairman N Chandrasekaran Promises ‘World-Class Airline’

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New Delhi: Tata Sons Chairman N Chandrasekaran today hailed the development as a “historic moment” after the conglomerate successfully won the financial bid to acquire Air India, as per an ANI report. “This is a historic moment, and it will be a rare privilege for our Group to own and operate the country’s flag bearer airline,” Chandrasekaran said, the report says.Also Read – PF, Gratuity And VRS: Here’s What in Store For Air India Employees as Maharaja Returns to Tata Sons

Chandrasekaran exuded confidence that the Tata group will strive towards building a world-class airline. “It’ll be our endeavour to build a world-class airline which makes every Indian proud,” Chandrasekaran said on winning Air India bid. Also Read – Air India Employees to be Retained For 1 Year, VRS in 2nd Year: Centre’s List of Conditions For Tata Sons

On Friday, the salt-to-software conglomerate emerged as a successful bidder after offering Rs 18,000 crore to acquire 100 per cent shareholding of the iconic national carrier, PTI reported quoting a government official. Also Read – ‘Welcome Back, Air India’: Ratan Tata Tweets as Tata Group wins Bid For National Carrier After 68 Years

An SPV of Tata Sons – the holding company of conglomerate – has emerged as successful bidder, Tuhin Kanta Pandey, secretary to the Department of Investment and Public Asset Management (DIPAM) — the government department responsible for privatization – said.

The DIPAM secretary said Tatas’ bid of Rs 18,000 crore comprises taking over of 15,300 crore of debt and paying the rest in cash. Both bidders had quoted above the reserve price, he said adding the transaction is planned to be closed by December.

He said a group of ministers comprising Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal and Civil Aviation Minister Jyotiraditya Scindia has cleared the winning bid for Air India on October 4, PTI reported.

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