Tata Sons win Air India bid, ending 68 years of government control
Tata Sons outbid SpiceJet, the sole other bidder, with a winning bid of Rs 18,000 crore for acquiring debt-laden Air India. The latter's proposal was Rs 15,100 crore. The news comes at the end of many attempts to find a buyer for the airline, which was formed in 1932. It's a relief for the Indian government since it no longer needs to waste good money on a poor asset that it inherited from the Tatas 68 years ago. According to sources, Tata Sons would take over Air India's 4,400 domestic and 1,800 international landing and parking spaces, as well as 900 slots at foreign airports. The airline was created by JRD Tata. Air India was nationalised in 1953.