After several decades of disinvestment planning, the government officially handed over the administration of Air India to Tata Sons. The airline is now officially owned by Tales, a subsidiary of the Tata Group’s holding company. The airline is now officially owned by Tales, a subsidiary of the Tata Group’s holding company.
As part of the deal, the Tata Group will also be handed over 50 per cent stake in Air India Express and ground handling arm Air India SATS.
Soon after the handover, the Tata group tweeted: “Looking forward to your arrival.”
Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), confirmed to reporters that Air India has been officially handed over to Tales Pvt Ltd.
The handing over of AI to Tata Sons was confirmed by DIPAM Secretary Tuhin Kanta Pandey. Pandey said, “Air India has been handed over to Tata Sons. He said that the new owner of Air India is Tales Private Limited and the entire Rs 2,700 crore has been received by the government. Pandey said, “We have transferred the shares. The entire loan of Rs 15,300 crore which was to be retained has been accepted.
Tata Sons chairman N Chandrasekaran has said he is “absolutely happy” that the process of handing over to Air India is complete and he is happy to have the national carrier back in the Tata group after 67 years. He said that he looks forward to working with everyone to build a world class airline.
The Tata Sons boss said, “We are absolutely delighted that this process has been completed and are delighted to have Air India back in the Tata Group. We look forward to working with all to build a world class airline .
Union Civil Aviation Minister Jyotiraditya Scindia also tweeted about Air India’s disinvestment process “bringing to a successful conclusion in a time-bound manner”. He said this proves the capability and resolve of the government to effectively carry out disinvestment processes in non-strategic sectors.
Scindia said, “Good luck to the new owners. I am confident that the airline will blossom under their wings, and pave the way for a thriving and strong civil aviation industry in India.”
It is indeed noteworthy that the disinvestment process @airindiain has been brought to a successful conclusion in a time bound manner. This proves the ability of the government and its resolve to disinvest effectively in non-strategic sectors in future.- Jyotiraditya M. Scindia (@JM_Scindia) January 27, 2022
With the transfer on Thursday, Tata will be in control of the three airlines in the country and around 27 per cent market share in the aviation sector. The other airlines are Vistara in which Tata has a 51 per cent stake and AirAsia holds an 84 per cent stake.
In October last year, Tata Sons’ subsidiary, Tales Pvt. Ltd emerged as the winning bidder for the debt-laden national carrier by citing an enterprise value of Rs 18,000 crore as part of a disinvestment process initiated by the government.
read all breaking news, today’s fresh news And coronavirus news Here.
,