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Indian government cedes Air India to giant Tata

2021-10-10T18:54:38.221Z

The industrial conglomerate, which founded the company in 1932 before its nationalization in 1983, takes over the reins.



New Delhi

After twenty years of waiting and on the third attempt, the Indian government finally got there.

On Friday, he announced the privatization of Air India, its low-cost subsidiary Air India Express, and the group's freight and handling branch.

The conglomerate Tata won by putting 180 billion rupees (2 billion euros) on the table.

The Ministry of Finance did not shy away from its pleasure in formalizing the sale.

He pointed out that the company, which has not made a net profit for fourteen years, sucks in 6 billion rupees (70 million euros) of public money every month.

"Prime Minister Modi has really demonstrated his ability to take strong decisions in the interest of India and for the good of the people",

boasted Saturday the Minister of Trade and Industry, Piyush Goyal.

In reality, the authorities have failed to turn around the company for which they will have to assume the major part of the debt.

Go back.

The first attempt at privatization

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Source: lefigaro

All business articles on 2021-10-10

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