Indian newspapers run banner headlines on Tata winning bid to take over Air India

Record ID: 1640861

  • Title: Indian newspapers run banner headlines on Tata winning bid to take over Air India
  • Date: 9th October 2021
  • Summary: HEADLINE IN "THE INDIAN EXPRESS" READING (English): "NAMASTE (HELLO), TATA"
  • Embargoed: 23rd October 2021 07:04
  • Keywords: AISATS AIXL Air India Mumbai New Delhi Tata bid disinvestment headlines nationalisation newspapers
  • Location: MUMBAI, MAHARASHTRA/ BENGALURU, KARNATAKA/GURUGRAM, HARYANA/CHANDIGARH/NEW DELHI, INDIA
  • City: MUMBAI, MAHARASHTRA/ BENGALURU, KARNATAKA/GURUGRAM, HARYANA/CHANDIGARH/NEW DELHI, INDIA
  • Country: India
  • Topics: Asia / Pacific,Company News Markets,Economic Events
  • Reuters ID: LVA008EYFROLR
  • Aspect Ratio: 16:9
  • Story Text: Indian newspapers on Saturday (October 09) ran banner headlines as Tata Sons was selected as the winning bidder to take over state-run carrier Air India, marking the end of years of struggle to privatise the financially troubled airline.
    "Tata restores family 'ratan'(gem)", "Victor Tata:cleared for takeoff", "Maharaja boards return flight", were some of the headlines in leading Indian dailies on Saturday.
    Tata Sons, the holding company for the autos-to-steel Tata conglomerate, bid 180 billion rupees ($2.40 billion) for the government's 100% stake in Air India, a finance ministry official told Reporters.
    "Well, I would say it's a win-win situation for both. Tatas, who have a passion for aviation, they created Air India so there's an emotional connect, they have the management team which is highly proficient and you have the vision," said former director of Air India, Jitender Bhargava.
    Tata Sons regained control of Air India - nearly 70 years after its nationalisation - with the government picking up the salt-to-software conglomerate as the winning bidder for the debt- laden state-run airline.
    The deal completes a full circle as the country's first airline, Air India was founded in 1932 under the name Tata Airlines by family scion and aviation enthusiast Jehangir Ratanji Dadabhoy Tata.
    The airline was nationalised in 1953 and split into two - domestic and international airline.
    However, over the years, the airline faced heavy losses under state control and emergence of other airlines in the country.
    In 2012, the Indian government approved a $5.8 billion bailout for Air India and in 2018 it sold a controlling stake in the airline, however the was later shelved because of lack of interest from bidders to make a decision of selling 100 percent of the stake a year later.
  • Copyright Holder: ANI (India)
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  • Usage Terms/Restrictions: Footage contains images from newspapers or magazines. User is responsible for obtaining additional clearances before publishing this clip.
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