The Government of India on Friday clarified that all the media reports stating the finalisation of Indian carrier Air India‘s acquisition by Tata Sons are fake.
“Media will be informed of the Government decision as and when it is taken: Secretary, Department of Investment and Public Asset Management,” said the Secretary, Department of Investment and Public Asset Management, GoI
On Friday, several media reports, including news agency ANI published that Tata Sons won the final bid to acquire Indian carrier Air India as they were the highest bidder.
However, PTI reported that Tata Sons continued to emerge as the top bidder for the takeover of debt-laden state-run airline Air India but the bid is yet to be approved by a group of ministers, sources said.
It was also reported that the ministerial panel that approved the bid was headed by Union Home Minister Amit Shah.
The final bid to acquire one of India’s biggest Airlines was filed by Tata sons on September 15 after which business critiques believed it to be the frontrunner to purchase the airline.
If its bid is accepted, Tata will take over the national carrier they once founded.
Jehangir Ratanji Dadabhoy (JRD) Tata founded the airline in 1932. The airline was called Tata Airlines then.
In 1946, the aviation division of Tata Sons was listed as Air India and, in 1948, the Air India International was launched with flights to Europe.
The previous reports also claimed SpiceJet promoter Ajay Singh was the runner-up for the bid and had also submitted a bid for the airline.
It was also reported that Tata Sons’ bid for Air India was Rs 3,000 crore more than the reserve limit set by the government.
The announcement came just a day after a report hinted that the government finalised the minimum reserve price for the airline. The minimum reserve price for the national carrier is based on future cash flow projection, brand value and slots in foreign airports.