India’s Tata Sons wins bid for national carrier Air India

By ASHOK SHARMA

NEW DELHI (AP) — Tata Sons, India’s oldest and largest conglomerate, will be the new owner of the country’s debt-laden national carrier, Air India. The government says the winning bid of $2.4 billion beat India’s SpiceJet chief Ajay Singh, who offered $2 billion in his private capacity to acquire the airline. An initial sale attempt by the government in 2018 failed to attract any bidders. The sale marks the return of Air India to the Tata group. The conglomerate was a pioneer in Indian commercial aviation when it first launched the airline in 1932 before it was taken over by the government in 1953. The airline operates domestic and international routes and has accumulated huge losses in the past decade.