How Maharaja returned 'home': Timeline of Air India disinvestment
Air India plane.
Tata Sons, on Friday, gained control of the debt-laden national carrier Air India. It was somewhat like a homecoming for the iconic Maharaja of Air India as the airline was started in 1932 by JRD Tata and was nationalised around Indian independence.
The new owner, the Tatas, shelled out USD 2.4 billion to acquire Air India. This is the highest amount generated through Privatisation in India.
Ratan Tata, who himself is a qualified pilot, tweeted an emotional note welcoming Air India back into Tata Group's fold.
Here's the timeline of how things shaped up before the disinvestment
July 2009 - Government appoints State Bank of India to prepare a roadmap for recovery of loss-making Air India.
April 2012 - A USD 5.8 billion bailout is cleared for Air India
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March 2018 - Government takes a decision to sell controlling stake in Air India.
May 2018 - Not a single buyer shows interest to buy stake in Air India by the prescribed deadline.
June 2018 - Government shelves plan of sale of stake since buyers don't show interest.
December 2019 - Government decides to sell 100 per cent stake. Provides flexible debt assumption terms.
October 2020 - Government gets 2 bids after pushing ahead the deadline twice.
September 2021 - Finance ministry says that Tata Sons and SpiceJet promoter Ajay Singh have submitted financial bids.
October 8, 2021 - Tata Sons is declared as the winning bidder