India’s Tata Sons selected as winning bidder for Air India – Businesshala

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FILE PHOTO: The Air India logo is seen in front of its office building in Mumbai, India July 7, 2017. The picture was taken on July 7, 2017. Businesshala/Danish Siddiqui
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(Businesshala) – India’s Tata Sons has been selected as the winning bidder for debt-laden state-run airline Air India, Businesshala reported on Friday.

The report said a panel of ministers accepted a proposal by Ajay Singh, the promoter of India’s airline operator SpiceJet Ltd, to recommend the software group with salt before a proposal by officials.

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A Tata Sons spokesperson declined to comment. A finance ministry spokesperson did not immediately respond to a Businesshala 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 since 2012.

Officials have said the government loses about 200 million rupees every day to running the national carrier, causing a loss of more than 700 billion rupees ($9.53 billion).

An attempt to auction a majority stake nearly three years ago led to no bidding, forcing the government to relax the conditions. It had extended the deadline several times due to the pandemic.

Reporting by Aakriti Bhalla and Nallur Sethuraman in Bengaluru; Editing by Shreeraj Kalluvilla

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