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India’s state-owned Air India goes back to salt-to-software conglomerate Tata
Sons after much discussed auction. The debt-ridden aircraft was sold to Tata
Sons with 100% shareholding at the price of 18,000 crore. The airline had been
handed over after Tata put the highest bid compared to 15,100 crore bids
made by Ajay Singh, promoter of Spice Jet. Originally the airline had been
owned by tata group since its inception until India’s first prime minister
decided to nationalize it.
The airline had not been performing very well from the last decade, as at the
current price the airline was making a loss of 20cr per day and 7500crore of
losses every year. There were very few takers of this airline with a fleet of 175
planes as the aviation sector was hit most by the slowdown due to Covid-19
pandemic. The aviation minister Jyotiraditya Scindiya while expressing his view
has said that he is expecting that the new airline would deliver the best value
proposition to the customer under new management.
Currently the government will receive 2700 crore in cash while the rest of the
amount will be with Tata Sons as debt. The transaction does not include the
non-core assets such as buildings, and these properties will be transferred to
AIAHL (Air India Asset Holding). The Tata Sons has also agreed to retain all
employees for 1 year.

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