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The Tata Sons has submitted a bid to acquire state-owned carrier Air India, PTI reported on Wednesday, citing an unidentified spokesperson of the conglomerate.
If the Tata Sons bid goes through, its will mark the return of Air India to the conglomerate’s fold after 67 years. The Tata Group founded Air India as Tata Airlines in October 1932. It was nationalised by the government in 1953.
Reports also said that the founder of private airline SpiceJet, Ajay Singh, has also submitted a bid. However, Singh did not respond to messages from PTI seeking confirmation on the matter.
The Union finance ministry’s Department of Investment and Public Asset Management confirmed it had received financial bids for disinvestment of the loss-making national carrier.
“Process now moves to concluding stage,” the department’s secretary said in a tweet. However, the official did not divulge details about the bids or the number of companies who are in fray.
Financial bids for Air India disinvestment received by Transaction Adviser. Process now moves to concluding stage. pic.twitter.com/0NxCJxX5Q1
— Secretary, DIPAM (@SecyDIPAM) September 15, 2021
The government is seeking to sell its 100% stake in Air India. The disinvestment process which was supposed to begin in January last year, was delayed due to Covid-19 pandemic.
In March this year, the then Civil Aviation Minister…