Nipun Agarwal, senior vice president of Tata Sons has been appointed to head the Air India management committee, CNBC-TV18 has learned from sources.
CNBC-TV18 quoted sources as saying that the management committee will retain all the four directors of Air India. There are no sudden changes planned at Air India, and the focus will be on improving customer experience and on-time performance (OTP).
Earlier on January 18, the Ministry of Civil Aviation had appointed Vikram Dev Dutt as the Chairman and Managing Director of Air India Limited.
The Management Committee has been asked to oversee the operations of fresh appointments of independent directors and CEOs till necessary approvals are completed. The Air India management committee will reportedly consist of Vinod Hejmadi (Director – Finance), Meenakshi Mallick (Director – Commercial), Amrita Sharan (Director – HR), and Capt RS Sandhu (Director – Operations).
After nearly 70 years, the Tata group on Thursday acquired the ownership of Air India. With the completion of the deal, the group will have 100 per cent stake in Air India, Air India Express and 50 per cent stake in AISATS.
Tales Pvt Ltd, a subsidiary of Tata Sons, the holding company of the Tata group, won the bid to acquire debt-ridden Air India on October 8, 2021. It had offered Rs 18,000 crore, including Rs 2,700 crore in cash, which has now been paid to the government.
For the remaining employees of the airline, the Tata group is bound to retain the employees for a period of one year as per the terms of the bid, after which it can offer Voluntary Retirement Scheme (VRS) in the second year.
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 Air India 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.
Yesterday, Tata Sons chairman N Chandrasekaran, after asking the government to take over Air India, said he was happy that the Air India acquisition process was complete. He said the group would focus on improving the performance of the airline towards reducing the operating cost of Air India and making it a world class airline.
Air India and its low-cost subsidiary Air India Express join a portfolio that includes two airlines – Vistara and AirAsia India.
For the government, disinvestment means that the taxpayer will not be able to compensate the loss of Rs 20 crore per day by the airline. Since 2009-10, the government has invested Rs 1.10 lakh crore to support Air India.
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