The reports have confirmed that after a span of 69 years Air India has returned back to its initial over, the Tata Group. Since Air India was suffering from financial constraints under the Govt, the Govt called for its disinvestment.
This historic disinvestment process was thus completed with all the formalities included. The Chairperson of the Tata Group N Chandrashekaran has confirmed the same.
“Formalities have been completed. Air India disinvestment transaction is closed. ₹2,700 crore has been received by the government. The shares have been transferred to Talace, the new owner. Consideration amount has been received. The debt of ₹1,53,00 crore has been accepted by the new owner. The new board is currently conducting the meeting,” Tuhin Kanta Pande, secretary of the department of investment and public asset management said.
The strategic disinvestment transaction of Air India successfully concluded today with transfer of 100% shares of Air India to M/s Talace Pvt Ltd along with management control. A new Board, led by the Strategic Partner, takes charge of Air India. pic.twitter.com/wd5ZcUFomI
— Secretary, DIPAM (@SecyDIPAM) January 27, 2022
The DIPAM Secretary said that Tata Group are the new owners as the entire Rs 2,700 crore has been received by the government.
“We have transferred shares. Entire Rs 15,300 crore of debt which was to be retained, has also been accepted. So all processes are completed,” he said.
Ministry of Civil Aviation Secretary Rajiv Bansal said that Tata group will have to retain 12,000 employees.
It is believed that the flyers will experience a bigger change with the new development. This will include meals and such things provided in the flight.