Tata Sons submits financial bid for ailing carrier Air India

India’s largest conglomerate the Tata Group has submitted a financial bid for state-run Air India as the government tries to sell the money-losing carrier after two failed attempts. The bid was entered Wednesday by Tata Sons, the group holding company, which controls Jaguar Land Rover and owns a majority stake in AirAsia India, according to a Tata spokesperson. The bid has boosted prospects for the sale after the government sweetened the deal by allowing suitors to decide how much of the carrier’s debt they want to take on. The rules before that deterred bidders by requiring them to assume $3.3b of debt. SpiceJet owner Ajay Singh has also bid for Air India in his personal capacity, according to people familiar with the matter. A group of Air India employees, who had partnered with a Seychelles-based fund, was disqualified from the bidding process in March. Proceeds from Air India’s sale will be a critical source of revenue to plug the government’s widening budget deficit and as it looks to spur the pandemic-hit economy.<br/>