Govt ran transparent, flexible process; honoured to participate in AI's bidding: SpiceJet CMD
He said he has been an Air India fan all his life.
The government ran a transparent and flexible process to sell Air India, and it was an honour and privilege to participate in the national carrier’s bidding, SpiceJet CMD Ajay Singh said on Friday.
The government announced on Friday that Tata Sons’ wholly-owned subsidiary Talace Private Limited has beaten the Mr. Singh-led consortium to win the bid to acquire debt-laden Air India by offering ₹ 18,000 crore.
"I congratulate the Tata Group on winning the bid for Air India and wish them all the success. It was my honour and privilege to be shortlisted for bidding for Air India," Mr. Singh said in a statement.
Expressing confidence in the Tata Group, he said that it will restore the glory of Air India and make all of India proud.
"I would also like to congratulate the government on the successful disinvestment of Air India. They ran a transparent and flexible process and gave new impetus to India’s disinvestment programme," Mr. Singh added.
He said he has been an Air India fan all his life and it is time for the Maharaja to reclaim its position as a leading airline of the world.
At a press conference, Secretary to the Department of Investment and Public Asset Management (DIPAM) Tuhin Kanta Pandey said Talace Private Limited, which is a wholly-owned subsidiary of Tata Sons, the holding company of the conglomerate, has emerged as successful bidder DIPAM is the government department responsible for privatisation.
The secretary said Tatas’ bid of ₹ 18,000 crore comprises taking over of 15,300 crore of debt and paying the rest in cash.
The Mr. Singh-led consortium’s bid stood at ₹ 15,100 crore, comprising taking over debt of ₹ 12,835 crore and paying the rest ₹ 2,265 crore in cash.
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