Tata wins bid to take over troubled state-run Air India
The Peninsula
New Delhi: Tata Sons has been selected as the winning bidder to take over state-run carrier Air India, the government said on Friday, marking the end of years of struggle to privatise the financially troubled airline.
Tata Sons, the holding company for the autos-to-steel Tata conglomerate, will pay 180 billion rupees ($2.4 billion) for a 100% stake in Air India, Tuhin Kanta Pandey, secretary of the Department of Investment and Public Asset Management, said.
The bid amount includes Tata's taking on of about $2 billion of the national flag carrier's $8.2 billion total debt.
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