Tata Sons has won the bid for acquiring national carrier Air India for Rs 18,000 crore, the government said on Friday.
The transaction will be completed by December 2021, informed Department of Investment and Public Asset Management secretary Tuhin Kanta Pandey.
The bid was filed by Tata Sons wholly-owned subsidiary Talace Pvt Ltd.
Tata Sons were up against Spicejet promoter Ajay Singh-led consortium who had bid Rs 15,100 crore.
The total debt of Air India as of August 31 stands at Rs 61,562 crore.
Air India's reserve price was fixed after the bids were called to ensure that the bidders do not get to know about the reserve price prior to their bidding. It ensured utmost confidentiality when it comes to the reserve price.
The government will divest its 100 per cent stake in Air India, Air India Express and 50 per cent stake in ground handling company AISATS.
( With inputs from ANI )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor