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Brief Current Affairs On ‘Air India’ Retake By TATA Group | Top Key Points UPSC


Brief Current Affairs On 'Air India' Retake By TATA Group

Brief Current Affairs On ‘Air India’ Retake By TATA Group


TATA regained control of the Air India, 68 years after it’s nationalization in 1953.

The government on October 8th, 2021 announced that ‘Tata Group’ as the winning bidder for Air India. The Tata’s wholly-owned subsidiary ‘Talace Private Limited’ put an enterprise value bid at Rs 18,000 crore with debt to be retained at Rs 15,300 crore and cash component of Rs 2,700 crore. Now Tata Group will take over Air India (the merged AI-Indian Airlines entity), AI Express and AI’s 50% stake in ground handling firm AI-SATS, before the end of this fiscal.


Here is the few points you should note about Tata’s Acquisition of Air India:

1) All Interest of the employees and retired employees would be taken care by Tata Group.

2) Tata Group bid is for Rs 18,000 crore as the Enterprise Value (EV) consideration for AI.

3) Air India has 8 Logos and all of them will be transferred to the TATA.

4) TATA has now two budget Airlines: AI Express and AirAsia India and as many full service once AI and Vistara.


History of Air India Returns To TATA:

1) Air India was founded by ‘JRD Tata’ in 1932 as ‘Tata Airlines’ which was India’s first Airline. At that time it operated only domestics flights.

2) In 1946, Tata Airlines converted into public limited as ‘Air-India Ltd.’.

3) In 1953, Air India nationalized and splits into Domestic Airline and an International carrier.

4) In 2019, Government of India decided to sell 100% of it’s stake after failing to find takers for the offer of 76% and full debt of the company. In October 2020, government of India gets two bids after extending of the deadlines several time.

5) Finally Tata Group retake Air India, makes Rs. 18,000 crore winning bid.


More Information About TATA Group:

1) Tata Group was Founded in 1868 by Jamshedji Tata. Group is one of the biggest and oldest industrial groups in India since started.

2) Tata Group Significant affiliates includes are as: Tata Elxsi, Tata Motors, Tata Power, Tata Chemicals, Tata Communications, Tata Consultancy Services, Voltas, Tata Cliq, Tata Projects Limited, Tata Consumer Products, Tata Steel, Jamshedpur FC, Tanishq, Tata Capital, Titan, Trent, Indian Hotels Company Limited, TajAir, Vistara , Air India and Tata Starbucks.


Source:

  • Wikipedia
  • Times of India

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This Post Last Updated On: October 9th, 2021


 

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