Read Government’s Full Statement On Air India Handover To Tata Group

The Tata Group Thursday officially took over Air India from the government.

New Delhi: The Tata Group Thursday officially took over Air India from the government. In a statement, the government said Tata Group paid Rs 2,700 crore cash and took over Rs 15,300 crore of the airline’s debt as part of the deal. Last year, the government sold Air India to the Talace Private Limited – a subsidiary of the Tata Group’s holding company – for Rs 18,000 crore in a competitive bidding process.

“The Air India strategic disinvestment transaction has been completed today with Government receiving a consideration 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), retaining debt of Rs 15,300 crore in Air India and AIXL and transferring shares of Air India (100% shares of Air India and its subsidiary AIXL and 50% shares of AISATS) to the Strategic Partner,” the government said in a press statement.

Air India strategic disinvestment completed with Government receiving the consideration 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)

Read here: https://t.co/YRs1LWQfZ7 pic.twitter.com/o4I6bkOuYz

— PIB India (@PIB_India) January 27, 2022

A new board, led by the strategic partner, takes charge of Air India, DIPAM Secretary Tuhin Kanta Pandey said in a tweet.

Meanwhile, Tata Sons Chairman N Chandrasekaran said,”We are totally delighted to have Air india back at the Tata group.”

Tatas beat the Rs 15,100-crore offer by a consortium led by SpiceJet 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 carrier.