Mumbai / Correspondent
The Finance Ministry has denied the news of Tata Sons taking over state-run airline Air India. No decision has been taken about Air India yet. When and where the decision is made, it will be communicated to the media, the finance ministry said.
Citing government sources, Bloomberg has reported that Tata Sons has taken over Air India. The report also said that the Tata group had taken over Air India at a cost of Rs 3,000 crore more than the reserve price. However, the government has claimed that the news was baseless.
The Department of Civil Aviation claims that the withdrawal of government investment from Air India will be completed by 2021. Accordingly, the minimum reserve price for Air India was fixed on September 30. The Tata Group's bid was approved the very next day, the report said.
Air India has a debt of Rs 40,000 crore, while the company has assets worth Rs 45,900 crore, including buildings, land, aircraft and machinery. If Air India is not sold, there will be no alternative but to close it, the government has clarified in Parliament.
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