Tata wins bid to purchase Air India for Rs 18,000 crores
Tata Sons has bought national carrier Air India for Rs 18,000 crores from the Government of India. Department of Investment and Public Asset and Management (DIPAM) Secretary Tuhin Kanta Pandey announced in a press conference on Friday that Tata Sons will hold 100% stake in Air India and its second venture Air India Express. Tata's successful bid of Rs 18,000 crore includes taking a loan of Rs 15,300 crore and paying the rest in cash. The government will get Rs 2,700 crore in cash from Tata in lieu of 100% stake sale. Earlier this month, Tata Sons and SpiceJet chairman Ajay Singh had bid for Air India. As Air India returned to its founder after 68 years, Ratan Tata expressed happiness by sharing a picture of JRD Tata.