Govt ran transparent, flexible process; honoured to participate in AI's bidding: SpiceJet CMD

The government ran a transparent and flexible process to sell Air India, and it was an honor and privilege to participate in the national carrier's bidding, SpiceJet CMD Ajay Singh said on Friday.

The government announced on Friday that Tata Sons' wholly-owned subsidiary Palace Private Limited has beaten the Singh-led consortium to win the bid to acquire debt-laden Air India by offering Rs 18,000 crore.

''I congratulate the Tata Group on winning the bid for Air India and wish them all the success. It was my honor and privilege to be shortlisted for bidding for Air India,'' Singh said in a statement.

Expressing confidence in the Tata Group, he said that it will restore the glory of Air India and make all of India proud. ''I would also like to congratulate the government on the successful disinvestment of Air India. They ran a transparent and flexible process and gave new impetus to India's disinvestment program,'' Singh added.

He said he has been an Air India fan all his life and it is time for the Maharaja to reclaim its position as a leading airline in the world.

At a press conference, Secretary to the Department of Investment and Public Asset Management (DIPAM) Tuhin Kanta Pandey said Palace Private Limited, which is a wholly-owned subsidiary of Tata Sons, the holding company of the conglomerate, has emerged as successful bidder DIPAM is the government department responsible for privatization.

The secretary said Tatas' bid of Rs 18,000 crore comprises taking over 15,300 crore of debt and paying the rest in cash. The Singh-led consortium's bid stood at Rs 15,100 crore, comprising taking over debt of Rs 12,835 crore and paying the rest Rs 2,265 crore in cash.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)