Mumbai Jan 27 PTI Full-service carrier Air India under its new owner Tata Group on Thursday it was looking forward to soaring high propelled by the rich legacy of the two iconic brands and their shared mission to serve the country Brand new chapter unfolds for Air India as part of the Tata Group Two iconic names come together to embark on a voyage of excellence the airline tweeted from its official handle Looking forward to soaring high propelled by our rich legacy and shared mission to serve our nation Welcome aboard TataCompaies it added Earlier on Thursday the salt-to-software conglomerate took over Air India along with its low-cost international budget arm Air India Express and ground handling and cargo handling services unit AISATS and vowed to turn around the loss-making airline which was founded by the Tata Group but later went under government control in 1953 We are excited to have Air India back in the Tata group and are committed to making this a world-class airline I warmly welcome all the employees of Air India Air India Express and AISATS to our Group and look forward to working together Tata Sons Chairman N Chandrasekaran said in a statement soon after the airline was transferred to the group Talace Private Limited -- a subsidiary of the Tata Groups holding company Tata Sons -- on October 8 2021 won the bid to acquire debt-ridden Air India Tatas offered Rs 18000 crore as part of the winning bid -- Rs 15300 crore for Air Indias existing debt and Rs 2700 crore to be paid as cash to the government On October 11 2021 a Letter of Intent LoI was issued to the Tata Group confirming the governments willingness to sell its 100 per cent stake in the airline On October 25 the government signed the share purchase agreement for the deal PTI IAS ABM ABM

New Delhi Dec 20 PTI Competition Commission has approved Tata Groups proposed acquisition of debt-laden Air India as well as its two subsidiaries The Rs 18000 crore-deal that includes the winning bidder Talace taking over Rs 15300 crore-worth debt is a major step in the governments efforts over the years to revive the ailing airline Talace Pvt Ltd a wholly-owned subsidiary of Tata Sons emerged as the winning bidder in October It will buy 100 per cent stakes in Air India Ltd Air India Express Ltd and 50 per cent shareholding in Air India SATS Airport Services Pvt Ltd AISATS Competition Commission of India CCI has approved Talace acquiring shareholding in Air India Air India Express and AISATS an official release said on Monday Deals beyond a certain threshold require approval from the CCI which has the mandate to ensure fair competition in the market place AISATS is engaged in the business of providing ground handling services at Delhi Bengaluru Hyderabad Mangalore and Thiruvananthapuram airports It also provides cargo handling services at Bengaluru airport the release said State-owned Air India has been incurring a monthly loss of more than Rs 600 crore Civil Aviation Minister Jyotiraditya Scindia on December 14 said the Air India transaction is a win-win situation across the board and that taxpayers money will now be more justifiably used for many more socially productive purposes rather than filling the deep losses of the airline Shareholders agreement was signed in November Today we are in the process of closing all the conditions precedent and I am very confident at the turn of the New Year you will have the transfer of Air India to its new owner he had said On October 20 Prime Minister Narendra Modi said the decision on Air India will give new energy to the countrys aviation sector As of August 31 Air India had a total debt of Rs 61562 crore Of the total amount Talace will take over Rs 15300 crore and the remaining Rs 46262 crore will be transferred to AIAHL In 2019 the government set up a special purpose vehicle -- Air India Assets Holding Ltd AIAHL -- for holding debt and non-core assets of the Air India group PTI RAM ANU ANU