Tata Sons wins Bid, get Air India backs after 68years
Tata Sons has emerged as the winner in the Air India Bidding and will take over the Air India after 68years.
Tata Sons has emerged as the winner in the Air India Bidding and will take over the Air India after 68years. While addressing a conference on Friday, Tuhin Kanta Pandey secretary of the Department of investment and public asset management (DIPAM) said the Tata Group quoted enterprise value Rs 18,000 crore to emerge as the winner of the financial bid.
Tata, the new owner of Air India will get control of 4,400 domestic and 1800 international landing and parking slots at domestic airports, besides 900 shots at airport overseas with Air India win.
The transaction will be completed by the end of December 2021.
According to the Civil Aviation Secretary Rajiv Bansal said, Tata Sons will retain all the employees of Air India, there will be no retrenchment for the first one year. He further said, after one year the Tata Group will have the option to offer voluntary retirement scheme to the employees. Gratuity and PF benefits will be provided to all the employees.
Bansal also mentioned, ‘’As of today, there are 12,085 employees in Air India out of which 8,084 are permanent and 4,001 are on contract basis. Besides this, Air India Express has employee strength of 1,434."
The total Debt of Air India till August, 2021 was under Rs 61,562 crore out of which Rs 15,300 will be taken over by the bidder.