India denies Tata wins Air India bid |
The Indian government has denied media reports that Tata Group has won the bid for the debt-laden national carrier, Air India. An international news agency had reported earlier that Tatas would re-acquire the national carrier more than half a century after ceding control to the government. Indian Finance Ministry spokesman said "Media reports indicating approval of financial bids by Government of India in the Air India disinvestment case are incorrect.” The spokesman said the media will be informed of any decision as and when it is taken. Earlier reports said the national carrier, Air India, referred to as the Maharaja of the skies, has been won in a bid by Tata Sons. Interestingly, the denied report came a day after the government finalized the minimum reserve price for the cash strapped airline. Tata submitted the final bid for the airline on September 15. SpiceJet promoter Ajay Singh had also submitted a bit for the airline. Air India`s total debt surged significantly over the past two years due to the Covid-19 pandemic and stands at over Rs 40,000 crore or US$ 5.3 billion as of now.
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