TATA Group put the game on hold on the last day by submitting tenders for the liquidation of Air India. Wednesday was the last day to submit tenders for Air India’s liquidation. As a result, experts believe that Tata is ahead in the race to buy the national airline. The Union Finance Ministry said, “Transaction Advisor has accepted the financial tender for the liquidation of Air India. The process has now reached its final stage. ”
Tata group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals
Founded by Jamsetji Tata in 1868, the group operates in more than 100 countries across six continents, with a mission ‘To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’.
Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture.
In 2019-20, the revenue of Tata companies, taken together, was $106 billion (INR 7.5 trillion). These companies collectively employ over 10,00,000 people.
Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 29 publicly-listed Tata enterprises with a combined market capitalization of $123 billion (INR 9.3 trillion) as at March 31, 2020.
Companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Tata Advanced Systems, Indian Hotels and Tata Communications.
Tata has also agreed to submit a tender for the purchase of Air India. The company has been informed by PTI that it is interested in buying the national airline, which is suffering from financial crisis. Before independence, Tata Airlines started in 1932. Later in 1948 the name was changed to Air India. The center acquired the flight from Tata in 1953. Although JRD Tata served as the chairman of the company till 1986.
Jyotiraditya Scindia, in charge of the Union Ministry of Civil Aviation, announced that the tender for the liquidation of Air India would be accepted by September 15.
Accordingly, the Indian company Tata submitted the tender on the last day.
At the moment, Air India’s debt in the market is 43 thousand crore rupees. The government has already announced that Air India will be 100 per cent liquidated. The 50 per cent stake will be sold to a take-off and landing company.
Air India’s Mumbai and Delhi homes will also be sold. So far, Air India operates 4,400 domestic flights and 1,700 international flights.
In the news so far, Tata group is in the running to buy Air India. If they buy Air India, then three flights will be covered by this company. Vistara has already joined hands with Singapore Airlines. And Air Asia India is providing services in partnership with Malaysia Air Asia.