- Tata Sons won the final bid for the accusation of national carrier Air India today.
- While SpiceJet had also proposed a bid, Tata Sons have emerged as the frontrunner to acquire the airline.
- The Civil Aviation Minister approved the route to privatization in 2017.
Tata Sons has won the final bid for the accusation of national carrier Air India today. More than 50 years after the nation’s biggest conglomerate ceded control to the state ending the government’s hold over the airline that has defined India’s ambition of a newly independent country. Tata Sons has submitted their final bid on September 15.
While SpiceJet promoter Ajay Singh had also proposed a bid, Tata Sons have emerged as the frontrunner to acquire the airline. Union Home Minister Amit Shah approved the bid submitted by Tata Sons as it had the minimum reserve price for the airline.
Earlier since the mid-2000s, Air India had lost its edge in international as well as domestic markets. The carrier which was known as the Maharaja mascot had lost its reputation fro impeccable service and hospitality began to ebb. Gulf carriers like Emirates Airline and Etihad Airways began to offer cheaper connections to Europe and United States hurting Air India financially. The losses mounted by 2013 and in 2017 the Civil Aviation Minister approved the route to privatization.