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Tatas to bid for 40% stake in Air-India

The Tatas on Thursday became the first to formally announce that they will bid for the 40 per cent stake for strategic partnership in Air-India with a consortium that will include a foreign airline.

Making the announcement, Tata Sons chairman Ratan Tata told newspersons in New Delhi.

''It is an exciting moment for us. The clock going almost a full circle. Perhaps, we can once again be associated with Air-India. We hope we can apply for the airline and restore the image of the Maharaja''.

Until 1946, Air-India was known as Tata Airlines.

He said it will be an Indian-led consortium with Tatas having the majority stake of 26 per cent and a foreign airline, which will be in full control of operations, having 14 per cent equity.

Tata said the company had been having talks with Singapore Airlines and a couple of other international carriers. A final decision which airline would be in the consortium would be taken before the expression of interest is made to government before November 10.

''Many airlines have come to us. We have to choose one. It would be a carrier which should not cause any geo-political concerns'', he said.

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