Tata Wins Control of Air India Again With $2.4 Billion Bid

Tata Sons Pvt. was selected as the winning bidder for India’s flag carrier, ending decades of attempts to privatize a money-losing and debt-laden airline, and potentially ending years of taxpayer-bailouts that’s kept the company alive, Bloomberg News reported. Tata Sons, which originally launched Air India Ltd. with a namesake branding in 1932, bid 180 billion rupees ($2.4 billion) as an enterprise value for Air India, Tuhin Kanta Pandey, the top bureaucrat at India’s Department of Investment and Public Asset Management, said at a briefing Friday. The government aims to complete the transaction by the end of 2021. The high-profile sale is a boost for Prime Minister Narendra Modi, who has embarked on a bold privatization plan to plug a widening budget deficit, validating his stand of the state staying away from most businesses. For Tata Sons, Air India adds a third airline brand to its stable, and gives it access to more than a hundred planes, thousands of trained pilots and crew, and lucrative landing and parking slots all around the world. Read more.
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