Berliner Boersenzeitung - Struggling Air India sold after 69 years in govt hands

EUR -
AED 4.050659
AFN 75.845549
ALL 98.7921
AMD 427.13611
ANG 1.989034
AOA 1021.196545
ARS 1071.644582
AUD 1.611058
AWG 1.985047
AZN 1.866559
BAM 1.954619
BBD 2.228374
BDT 131.880316
BGN 1.955606
BHD 0.415741
BIF 3201.752563
BMD 1.102804
BND 1.431374
BOB 7.626288
BRL 6.041493
BSD 1.103643
BTN 92.65006
BWP 14.598444
BYN 3.61175
BYR 21614.952002
BZD 2.224576
CAD 1.494807
CDF 3165.046422
CHF 0.938094
CLF 0.036481
CLP 1006.629167
CNY 7.774658
CNH 7.784333
COP 4617.284589
CRC 572.159483
CUC 1.102804
CUP 29.224297
CVE 110.196919
CZK 25.320596
DJF 196.533035
DKK 7.459701
DOP 66.360506
DZD 146.600125
EGP 53.318245
ERN 16.542055
ETB 133.373923
FJD 2.427546
FKP 0.83985
GBP 0.839868
GEL 3.010945
GGP 0.83985
GHS 17.4812
GIP 0.83985
GMD 76.093627
GNF 9528.329277
GTQ 8.536726
GYD 230.887355
HKD 8.564682
HNL 27.535612
HRK 7.497974
HTG 145.624653
HUF 401.431856
IDR 17072.558811
ILS 4.197205
IMP 0.83985
INR 92.596798
IQD 1445.726476
IRR 46414.247302
ISK 149.29707
JEP 0.83985
JMD 174.216316
JOD 0.781557
JPY 161.095901
KES 142.36146
KGS 93.142583
KHR 4479.334153
KMF 492.410261
KPW 992.522681
KRW 1470.467723
KWD 0.337346
KYD 0.919744
KZT 532.708132
LAK 24369.275808
LBP 98830.081919
LKR 324.354022
LRD 220.723634
LSL 19.29744
LTL 3.256292
LVL 0.667075
LYD 5.247877
MAD 10.780839
MDL 19.313506
MGA 5008.064895
MKD 61.577794
MMK 3581.863314
MNT 3747.326833
MOP 8.829165
MRU 43.599052
MUR 51.214415
MVR 16.93944
MWK 1913.67844
MXN 21.335724
MYR 4.6621
MZN 70.441557
NAD 19.29744
NGN 1827.996857
NIO 40.616564
NOK 11.703217
NPR 148.243774
NZD 1.776016
OMR 0.424613
PAB 1.103633
PEN 4.111016
PGK 4.393425
PHP 62.111048
PKR 306.425811
PLN 4.30717
PYG 8604.878862
QAR 4.022615
RON 4.976178
RSD 117.005254
RUB 104.489253
RWF 1495.323627
SAR 4.140551
SBD 9.198248
SCR 14.315512
SDG 663.337058
SEK 11.363846
SGD 1.429327
SHP 0.83985
SLE 25.196089
SLL 23125.235962
SOS 630.724628
SRD 33.972416
STD 22825.809491
SVC 9.657165
SYP 2770.827243
SZL 19.288695
THB 36.336746
TJS 11.742345
TMT 3.859813
TND 3.380412
TOP 2.582878
TRY 37.759882
TTD 7.485477
TWD 35.328865
TZS 3004.17728
UAH 45.453461
UGX 4042.502489
USD 1.102804
UYU 46.231438
UZS 14079.493011
VEF 3994964.242646
VES 40.736551
VND 27294.390921
VUV 130.927068
WST 3.085052
XAF 655.572785
XAG 0.034255
XAU 0.000414
XCD 2.980382
XDR 0.814523
XOF 655.566844
XPF 119.331742
YER 276.08721
ZAR 19.230718
ZMK 9926.557222
ZMW 29.108676
ZWL 355.102333
  • RBGPF

    58.9300

    58.93

    +100%

  • CMSC

    -0.0400

    24.74

    -0.16%

  • RYCEF

    0.0800

    6.98

    +1.15%

  • CMSD

    -0.0400

    24.89

    -0.16%

  • BCC

    -1.2400

    138.29

    -0.9%

  • SCS

    -0.2500

    12.62

    -1.98%

  • NGG

    -1.8100

    66.97

    -2.7%

  • GSK

    -1.0800

    38.37

    -2.81%

  • RIO

    -0.9900

    69.83

    -1.42%

  • RELX

    -0.6800

    46.61

    -1.46%

  • BTI

    -0.8600

    35.11

    -2.45%

  • JRI

    -0.0800

    13.3

    -0.6%

  • VOD

    -0.0500

    9.69

    -0.52%

  • AZN

    -1.6500

    77.93

    -2.12%

  • BCE

    -0.6000

    33.84

    -1.77%

  • BP

    0.0900

    32.46

    +0.28%

Struggling Air India sold after 69 years in govt hands
Struggling Air India sold after 69 years in govt hands

Struggling Air India sold after 69 years in govt hands

India's beleaguered national carrier landed back in the hands of its founders Thursday, decades after it was nationalised and following years as a monumental burden on the public purse.

Text size:

Tata, a sprawling family-owned conglomerate with interests ranging from tea to software, is back in charge of Air India after concluding the 180 billion rupee ($2.4 billion) deal.

Thursday's handover marked the end of a long search for a buyer by India's government, which has spent nearly $15 billion propping up the airline since 2009.

"We are totally delighted that this process is complete and very happy to have Air India back," Tata Sons chairman N. Chandrasekaran told reporters after meeting with Prime Minister Narendra Modi.

"We look forward to working with everyone to create a world-class airline."

Air India was founded in 1932 and its maiden flight was piloted by J.R.D. Tata, then-chairman of the eponymous firm.

The airline offered a slice of the high life, showcasing Bollywood actresses in its advertisements and even commissioning Spanish surrealist Salvador Dali to design its ashtrays.

India's newly independent government bought a majority stake in 1953 but by the end of the century the venture was struggling to compete with Gulf carriers and no-frills airlines.

Successive Indian governments tried to privatise the company but its huge debts and New Delhi's insistence on retaining a stake -- since abandoned -- put off would-be buyers.

Tata will take on around a quarter of Air India's 615 billion-rupee debt, while the remainder will be transferred to a special-purpose vehicle.

In return it gets a fleet of around 120 aircraft, 6,200 airport gate slots in India and a further 900 overseas for a carrier that operates half of all international flights from India.

Analysts believe the deal will give the struggling airline a much-needed lift.

"Air India is one of the most neglected government organisations ever. Now that freshness will come back," aviation sector analyst Mark Martin told AFP.

"We'll see an Air India which is more bright, more chirpier, more customer-friendly, more people-oriented."

Tata Group is one of India's biggest and oldest companies with a workforce of more than 800,000 people across steelmaking, automobiles and tech.

It already owns a 51 percent stake in rival airline Vistara alongside minority partner Singapore Airlines and a majority stake in AirAsia's Indian operations.

India's government is planning to sell off a suite of other public assets including oil and gas corporation Bharat Petroleum and insurance agency LIC.

(Y.Berger--BBZ)