Air India Divestment Likely To Be Concluded By January 27

Tata Sons, which originally launched Air India with a namesake branding (Tata Air Services) in 1932, won the bid for the carrier for Rs Rs 18,000 crore.

New Delhi: The national carrier Air India is likely to be handed over to Tata Group before the end of this week, as the Union government has decided to conclude the divestment process by January 27, a senior official said on Monday. “The divestment of Air India is now decided to be completed on January 27. The closing balance sheet as of January 20 has to be provided by today, January 24, so that it can be reviewed by Tatas and any changes can be effected on Wednesday,” Vinod Hejmadi, Director Finance, Air India, said in an email to employees, according to news agency ANI.

The official congratulated the employees for doing “an excellent job” till now in providing all support for the divestment exercise, and said the next three days will be hectic for the department. “I request all of you to give your best in these last three four days before we get divested,” he said seeking cooperation of the employees and urged them to work late nights to complete the task at hand

Talking to ANI a senior Air India official said, “If due to some reason the time of 27 January is postponed then divestment process has to be done till the end of the month.”

Air India Divestment

Talace Pvt Ltd, a wholly owned subsidiary of Tata Sons Pvt Ltd, last year won the bid to acquire 100 per cent equity shareholding of Government of India in Air India along with equity shareholding of Air India in AIXL and Air India SATS Airport Services Private Limited (AISATS).

Tata Sons, which originally launched Air India with a namesake branding (Tata Air Services) in 1932, won the bid for the carrier for Rs Rs 18,000 crore.

The government will divest its 100 per cent stake in Air India, Air India Express and 50 per cent stake in ground handling company AISATS.

(With Inputs from ANI)