India's Tata Sons selected as winning bidder for Air India
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[BENGALURU] India's Tata Sons has been selected as the winning bidder for the debt-laden state-run airline Air India, Bloomberg reported on Friday.
A panel of ministers accepted a proposal from officials recommending the salt-to-software conglomerate ahead of an offer from Ajay Singh, promoter of India's airline operator Spicejet, the report said.
A spokesperson for Tata Sons declined to comment. A finance ministry spokesperson did not immediately respond to a Reuters message seeking comment, while Air India declined to comment.
Prime Minister Narendra Modi's government has been pushing to sell its entire interest in the loss-making airline, kept aloft by a bailout since 2012.
The government loses nearly 200 million rupees (S$3.7 million) every day to run the national carrier, which has accumulated losses of over 700 billion rupees, officials have said.
An effort to auction a majority stake almost three years ago drew no bids, forcing the government to ease the terms. It had also extended the deadline multiple times due to the pandemic.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
