Hope Tatas will bring glorious years back: Ex-Air India GM

Following the Tata Sons winning the bid for acquiring Air India, the former general manager of the national carrier G Prasada Rao on Friday said he hoped that Tatas will bring the "glorious years" of the airlines back.

"Air India is not just the brand, it is a legacy and history of the country. It is just not the jewel of JRD Tata but also the nation. This homecoming of Air India is certainly a cause for celebration and the rebirth of JRD Tata's dream as he once envisioned it," said Rao.

"With Tata at the helm, Air India's history, legacy and future come full circle and it will once again stand tall in its full might and glory. We should thank our Prime Minister Narendra Modi and the Group of Ministers lead by Amit Shah for successfully implementing the process. We hope and wish the Tatas will bring the glorious years back!" he added.

Tata Sons has won the bid for acquiring national carrier Air India for Rs 18,000 crore, the government said on Friday. The transaction will be completed by December 2021, informed Department of Investment and Public Asset Management secretary Tuhin Kanta Pandey.

The bid was filed by Tata Sons wholly-owned subsidiary Talace Pvt Ltd.
Tata Sons were up against Spicejet promoter Ajay Singh-led consortium who had bid Rs 15,100 crore.

The total debt of Air India as of August 31 stands at Rs 61,562 crore.

Air India's reserve price was fixed after the bids were called to ensure that the bidders do not get to know about the reserve price prior to their bidding. It ensured utmost confidentiality when it comes to the reserve price.

The government will divest its 100 per cent stake in Air India, Air India Express and 50 per cent stake in ground handling company AISATS.

(ANI)