Tata Sons wins Air India bid: 'Welcome back, Air India', tweeted Ratan Tata on Friday evening soon after the government's announcement that the Tata Sons has won the bid to take control of the national airline. Ratan Tata's tweet along with an old photo of JRD Tata disembarking from an Air India plane aptly summed up the phenomenal story of Air India from its inception to the present day.
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"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," Rata Tata said in a statement.
Air India returns to Tatas: Big Points
- Tata Sons makes winning bid of Rs 18,000 crore for Air India.
- Tatas winning bid of Rs 18,000 crore comprises taking over of 15,300 crore debt and paying rest cash
- Govt to get Rs 2,700 crore cash from Tatas for sale of its 100 per cent stake
- Tatas cannot transfer Air India brand, logo for 5 years, can transfer to only Indian person after 5 years.
- Tatas will have to retain all employees of Air India for 1 year; can offer Voluntary Retirement Scheme (VRS) in second year.
- Tata Sons' winning bid of Rs 18,000 crore for Air India higher than reserve price of Rs 12,906 crore set by the government.
- Provident Fund and gratuity benefits will be provided to all employees.
- Currently, Tata Group operates Vistara Airlines in partnership with Singapore Airlines and AirAsia India in partnership with AirAsia of Malaysia.
- Jehangir Ratanji Dadabhoy (JRD) Tata founded Tata Airlines in 1932.In 1946, the aviation division of Tata Sons was listed as Air India.
- Air India was nationalised in 1953.