India

New dawn for Air India: Civil Aviation Minister Jyotiraditya Scindia on sale of airline to Tata Group

By PTI

New Delhi: The sale of Air India to the Tata group marks a new dawn for the airline, with Civil Aviation Minister Jyotiraditya Scindia saying on Friday that he hopes the carrier will continue to bring people closer through successful operations.

Earlier in the day, the government announced that Tata Sons’ wholly-owned subsidiary Tales Pvt Ltd had entered into an alliance led by SpiceJet promoter Ajay Singh by offering Rs 18,000 crore to win the bid to acquire debt-ridden Air India. Union is defeated.

“The return of Air India to the Tata Group marks a new dawn for the airline! My best wishes to the new management, and congratulations to the Secretary DIPAM and the Ministry of Civil Aviation for successfully completing the arduous task of constructing a new runway for the airline. Close!” Scindia wrote on Twitter.

Read also | Will make a lot of effort to rebuild Air India: Ratan Tata

“I hope the airline continues its mission of bringing people closer through its successful operations,” he added.

Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), said in a press briefing on Friday that the Tata group’s bid of Rs 18,000 crore includes taking a loan of Rs 15,300 crore and paying the rest in cash.

DIPAM is the government department responsible for privatization.

Read also | Tata Sons wins bid to acquire national carrier Air India

Minister of State for Civil Aviation VK Singh also congratulated the Tata group for winning the Air India bid.

“Under the new management, I sincerely hope that Maharaja will continue to be an enduring Indian brand that stands for outstanding quality.

“Credits to the teams of Ministry of Civil Aviation and Secretary DIPAM for their tireless efforts,” he wrote on Twitter.

The Ajay Singh-led consortium’s bid was Rs 15,100 crore, which included taking out a loan of Rs 12,835 crore and paying the remaining amount in cash of Rs 2,265 crore.

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