Air India Privatisation: Tata Group Officially Takes Over the National Carrier
India’s national carrier Air India got privatized from today, as the government of India received a consideration of Rs 2,700 crore from Talace Private Limited, a wholly-owned subsidiary of Tata Group.
- The next seven days are crucial, Air India tells airline's cabin crew.
- The first focus will be to reinstate Air India’s on-time performance.
- The airline will implement an enhanced meal service in its flights.
The Air India privatization transaction has been completed today. The Government of India received a consideration of Rs 2,700 crore from Talace Private Limited, a wholly-owned subsidiary of Tata Sons Pvt Ltd. It is retaining the debt of Rs 15,300 crore in Air India and AIXL and transferring the shares of Air India to Tata Group’s Talace Private Limited. With this, Talace Group will receive 100% shares of Air India and its subsidiary AIXL and 50% shares of AISATS. Talace Group won the bid for strategic disinvestment of Air India in October 2021, and the government issued the Letter of Intent in the month. The Share Purchase Agreement (SPA) was signed on 25 October 2021. Thereafter, Talace Private Limited, Air India and the Government worked towards satisfying a set of conditions precedent defined in the share purchase agreement, including approvals from anti-trust bodies, regulators, lenders, third parties, etc. These conditions have since been met to mutual satisfaction. Tata Sons Chairman N Chandrasekharan met Prime Minister Narendra Modi ahead of the official handover of Air India to Tata Group. He also visited Air India’s headquarters after the meeting with PM.
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