{"id":16992,"date":"2017-06-23T18:46:38","date_gmt":"2017-06-24T01:46:38","guid":{"rendered":"http:\/\/siliconeer.com\/current\/?p=16992"},"modified":"2017-06-23T18:47:01","modified_gmt":"2017-06-24T01:47:01","slug":"tata-eyeing-stake-in-air-india-sources","status":"publish","type":"post","link":"https:\/\/siliconeer.com\/current\/tata-eyeing-stake-in-air-india-sources\/","title":{"rendered":"Tata Eyeing Stake in Air India: Sources"},"content":{"rendered":"

File photo of the inaugural Air India flight as it arrives at San Francisco International Airport. (Amar D. Gupta\/Siliconeer)<\/em><\/p>\n

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Tata group is believed to be discussing buying a stake in debt-laden Air India amid the government looking at various options, including full or partial privatization, to revive the national carrier, sources said.<\/p>\n

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When contacted, a Tata group spokesperson said, \u201cWe don\u2019t comment on speculations.\u201d<\/p>\n

Staying afloat on taxpayers\u2019 money, Air India has been in the red for long and various proposals, including government think-tank Niti Aayog\u2019s suggestion for complete privatization, have been made.<\/p>\n

Sources said Tata group is evaluating options on buying stake in Air India.<\/p>\n

In this regard, there have been internal meetings as well as meetings with government representatives, sources added.<\/p>\n

There was no official word from the government but sources said the Civil Aviation Ministry is keen on retaining the national carrier status of Air India.<\/p>\n

One scenario being discussed is that the government would retain 51 percent stake and the rest 49 percent could be sold to private players, which could include foreign players.<\/p>\n

Sources said in such a situation, the government would have majority stake but operational control would be with the minority stakeholder.<\/p>\n

The government is also looking at various options such as selling off non-core assets to reduce the airline\u2019s debt burden.<\/p>\n

\"\"<\/a>
Tata Group patriarch Ratan Tata. (Santosh Hirlekar\/PTI)<\/figcaption><\/figure>\n

For the Tatas, it would be more of a home coming.<\/p>\n

Air India traces its roots to Tata Airlines, which was formed back in 1932. Set up by Tatas, the carrier was made a public company and was rechristened as Air India. Later, it was nationalized.<\/p>\n

Earlier also, Tatas had tried to acquire stake in Air India.<\/p>\n

Currently, Air India has a debt of more than Rs. 52,000 crore.<\/p>\n

Minister of State for Civil Aviation Jayant Sinha said, June 20, inter-ministerial consultations on the future course of action for Air India have been completed and the Cabinet would decide on how best to move forward.<\/p>\n

Recently, Finance Minister Arun Jaitley had said the aviation ministry has to explore all possibilities \u201cas to how the privatization of Air India can be done.\u201d<\/p>\n

Tata already has two airline joint ventures\u2014Vistara and AirAsia India.<\/p>\n","protected":false},"excerpt":{"rendered":"

File photo of the inaugural Air India flight as it arrives at San Francisco International Airport. (Amar D. Gupta\/Siliconeer) Tata group is believed to be discussing buying a stake in debt-laden Air India amid the government looking at various options, including full or partial privatization, to revive the national carrier, sources said. When contacted, a…<\/p>\n

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