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Read All the Breaking News India to Stay Up-To-Date at Janta Power India’s state-owned Air India goes back to salt-to-software conglomerate Tata Sons after much discussed auction. The debt-ridden aircraft was sold to Tata Sons with 100% shareholding at the price of 18,000 crore. The airline had been handed over after Tata put the highest bid compared to 15,100 crore bids made by Ajay Singh, promoter of Spice Jet. Originally the airline had been owned by tata group since its inception until India’s first prime minister decided to nationalize it. The airline had not been performing very well from the last decade, as at the current price the airline was making a loss of 20cr per day and 7500crore of losses every year. There were very few takers of this airline with a fleet of 175 planes as the aviation sector was hit most by the slowdown due to Covid-19 pandemic. The aviation minister Jyotiraditya Scindiya while expressing his view has said that he is expecting that the new airline would deliver the best value proposition to the customer under new management. Currently the government will receive 2700 crore in cash while the rest of the amount will be with Tata Sons as debt. The transaction does not include the non-core assets such as buildings, and these properties will be transferred to AIAHL (Air India Asset Holding). The Tata Sons has also agreed to retain all employees for 1 year.
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