Air India sold for Rs.18000 Crore to Tata Sons
Tata wins bid to buy Air India for Rs 18,000 crore
Tata Sons will pay Rs 18,000 crore for the Maharaja, outbidding a consortium led by SpiceJet’s Ajay Singh who had bid Rs 15,100 crore.
Tata Sons will have to maintain at least 51% equity stake in Air India for a period of one year, DIPAM Secretary said.
Only after the completion of one year, Tatas can sell any stake in the airline.
Ratan Tata welcomes Air India back
Ratan Tata has tweeted, welcoming Air India to the Tata Group. He added that it will take "considerable effort to rebuild Air India".
No employees to be removed for one year
Tata Sons will have to retain all current employees of Air India for a one year period, the government said. From the second year, Air India employees will have to be offered a VRS. Further, gratuity benefits and PF benefits will be applicable.
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