Govt to get Rs 2,700 cr cash from Tatas

October 08, 2021 16:37

Tata Sons beat SpiceJet promoter to bag Air India.

The Department of Investment and Public Asset Management (DIPAM) secretary said Tatas' bid of Rs 18,000 crore comprises taking over of 15,300 crore of debt and paying the rest in cash.

The government will get Rs 2,700 cr cash from Tatas.

Both bidders had quoted above the reserve price, he said adding the transaction is planned to be closed by December.

He said a group of ministers comprising Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal and Civil Aviation Minister Jyotiraditya Scindia has cleared the winning bid for Air India on October 4.

Tatas will have to retain all employees of Air India for 1 year; can offer VRS in 2nd year.

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