HomeIndiaTata Group takes over the ownership of Air India

Tata Group takes over the ownership of Air India

New Delhi:Tata Group took over the ownership of national carrier Air India, on Thursday. A new board, led by the strategic partner, has taken charge of the airlines.

Tuhin Kanta Pandey, Secretary of Department of Investment and Public Asset Management (DIPAM) said in tweet that the strategic disinvestment transaction of Air India was successfully concluded today with the transfer of 100 per cent shares of Air India to M/s Talace Pvt Ltd, along with management control.

In October 2021, the Tata Group was announced as the winning bidder for Air India with a bid amount of Rs 18,000 crore. Tata will pay Rs 2,700 crore in cash and will take-over Air India’s debt of Rs 15,300 crore.

A statement from the finance ministry said that the strategic disinvestment transaction of Air India had been completed with Government receiving an amount 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), while retaining the 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 Tata Group beat the Rs 15,100 crore bid by a group led by Spice Jet 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 airline.

[responsivevoice_button buttontext="Listen This Post" voice="Hindi Female"]

LEAVE A REPLY

Please enter your comment!
Please enter your name here

RELATED ARTICLES

Trending News

Virat Kohli and Rohit Sharma’s wild celebration down the stairs after the victory at the Rajiv Gandhi International Stadium

After Tim David's fiery fifty and Daniel Sams' impressive cameo took Australia to 186 for seven, India lost both...

Ghulam Nabi Azad announced the name of his new party after his exit from the Congress

Veteran leader Ghulam Nabi Azad on Monday announced the name of his new party almost a month after his...

People light a fire during a protest against the death of Mahsa Amini in Iran

The demonstrations that erupted more than a week ago at the funeral of 22-year-old Kurdish woman Mahsa Amini have...

65 patrol points on the Ladakh LAC which do not constitute the Indian line of claim

When Foreign Minister Subrahmanyam Jaishankar was asked about the withdrawal of PLA troops from Patrol Point 15 in the...