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Ratan Tata's heartwarming note as Tata Sons wins bid for Air India is everything a homecoming should be
Ratan Tata is over the moon as Tata Sons welcomed back Air India over 67 years.
The Tata Group has all the reasons to be happy and proud. After all, it has finally won the bid for Air India after almost 67 years. This happened after the government decided to sell a 100 percent stake in Air India which was in debt of around Rs 61,562 crore. Confirming the news, Tuhin Kanta Pandey, Secretary, DIPAM said in a press briefing, “Talace Pvt Ltd of Tata Sons is the winning bidder at Rs 18,000 crore. The transaction is expected to close by the end of December 2021”.
Post the official announcement, Ratan Tata, Chairman Emeritus, Tata Sons, expressed his excitement about the same and shared a note on social media with a caption “Welcome back, Air India”. The note read as, “The Tata group winning the bid for Air India is great news! While admittedly it will take considerable effort to rebuild Air India, it will hopefully provide a very strong market opportunity to the Tata group's presence in the aviation industry. On an emotional note, Air India, under the leadership of Mr JRD Tata had, at one time, gained the reputation of being one of the most prestigious airlines in the world. Tatas will have the opportunity of regaining the image and reputation it enjoyed in earlier years. Mr JRD Tata would have been overjoyed if he was in our midst today. We also need to recognise and thank the government for its recent policy of opening select industries to the private sector. Welcome back, Air India!”
Meanwhile, Pandey has stated that while Rs 46,262 crore debt will be transferred to Air India Assets Holding Limited (AIAHL), the 15 percent of the total debt will be retailed by Tatas. Besides, he also emphasised that Tata will have to maintain a 51 percent ownership as per the share purchase agreement.
