Tata Group is showing interest in bidding for Air India in the upcoming sale of which the document is said to come by the end of this month. The government has made up its mind of putting its entire stake in Air India for sale- a move which is expected to attract a lot of bidders out there. Tata Sons Chairman N Chandrasekaran stated that the bidding decision would ideally be made by Vistara Airlines, instead of Tata Group. For those who’re not aware, Vistara Airlines is a joint venture between Tata Son and Singapore Airlines. Tata Group is already the owner of AirAsia which is amongst the leading airlines in India right now.
Tata Group Likely to Bid for Air India: Everything You Need to Know
The information regarding the bidding of Tata Group in Air India comes directly from the Tata Group Chairman N Chandrasekaran. However, he firmly confirmed that the decision would ideally be made by Vistara. “I will ask the team to evaluate it,” said Chandrasekaran to Times of India.
“I’m not going to run a third airline (in addition to Vistara and AirAsia). Unless we merge. There are issues. I will never say yes or no. I don’t know,” he further added, according to the report.
Additionally, he confirmed to CNBC-TV18 that Tata Group is looking to forward invest in Air India when the expression of interest (EoI) document comes out. The EoI document for Air India sale is expected to come out by the end of November. “Let the EoI come, let the terms come and then we will see it,” reported CNBC-TV18.
Government Looking to Exit Air India Entirely
According to various reports on the web, the government is looking to exit Air India entirely this time around. To recall, the government failed to privatise Air India during the last sale because it decided to retain a 24% share in the national airline. However, this time to attract bidders, it’s looking to exit Air India entirely without any stake. Air India has been a loss-making entity for the government for years now.