TATA Group may consider buying the giant beleaguered Air India from government in partnership with Singapore Airlines, ET Now reported on Wednesday citing unidentified sources.
This will be homecoming for Air India, Air India was started by TATA group and than later it was handed over to Indian government. TATA Group is already present in Indian civil aviation business with two of his joint ventures AirAsia India in partnership with Malaysia’s Air Asia, and full service airline Vistara in partnership with Singapore Airlines.
Meanwhile, the government is also reported to have assured the Tata Group that it will bring the airline’s debt down substantially to make the deal lucrative for India’s largest private business conglomerate. Air India in heavy debit of Rs 50,000 crore, with about Rs 28,000 crore in working capital debt, and about Rs 4,000 crore in interest burden alone.