New Delhi: After 69 years of its nationalisation Air India on Thursday formally became part of Tata Group, its founder. The government formally handed over the airline to Tata Group at a ceremony held in the national capital.
Tata Group takes over management and control of Air India, starting today@TataCompanies pic.twitter.com/pbbPz3NTTu
— Dynamite News (@DynamiteNews_) January 27, 2022
"The strategic disinvestment transaction of Air India successfully concluded today with transfer of 100 per cent shares of Air India to M/s talace Pvt Ltd along with management control," DIPAM Secretary Tuhin Kanta Pandey said in a tweet.
A new board, led by the strategic partner, takes charge of Air India, he added.
In October last year, Tata Group announced the winning bidder for Air India with a bid amount of Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and takeover Rs 15,300 crore of the airline's debt.
"The Air India strategic disinvestment transaction has been completed today with Government receiving a consideration of Rs 2,700 crore from the Strategic Partner (M/s Talace Pvt Ltd, a wholly owned subsidiary of M/s Tata Sons Pvt Ltd), retaining debt of Rs 15,300 crore in Air India and AIXL and transferring shares of Air India (100% per cent shares of Air India and its subsidiary AIXL and 50 per cent shares of AISATS) to the Strategic Partner," the finance ministry said in a statement.
Tatas beat the Rs 15,100-crore offer by a consortium led by SpiceJet promoter Ajay Singh and the reserve price of Rs 12,906 crore set by the government for the sale of its 100 per cent stake in the loss-making carrie
