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 Jan 27 PTI The government on Thursday officially handed over Air India to the Tata GroupTata Sons chairman N Chandrasekharan said the group is very happy to have Air India back in its foldDepartment of Investment and Public Asset Management DIPAM Secretary Tuhin Kanta Pandey told reporters that Air India has been handed over to Talace Private Limited a subsidiary of the Tata Groups holding company which is the successful bidderNow the new owners of the airline are Talace Pandey notedSpeaking to reporters here Chandrasekharan said We are totally delighted that the takeover process of Air India is complete We are very happy to have Air India back in the Tata group We look forward to working with everyone to create a world-class airline he addedAfter a competitive bidding process the government had on October 8 last year sold Air India to Talace Private Limited for Rs 18000 crore PTI DSP DIV DIV

New Delhi Jan 24 PTI Air India is likely to be handed over to the Tata group by the end of this week senior government officials said on MondayAfter a competitive bidding process the government had on October 8 last year sold Air India to Talace Private Limited -- a subsidiary of the Tata groups holding company -- for Rs 18000 croreFollowing that on October 11 a Letter of Intent LoI was issued to the Tata group confirming the governments willingness to sell its 100 percent stake in the airline On October 25 the Centre signed the share purchase agreement SPA for this dealOfficials said on Monday that the remaining formalities regarding this deal are expected to be completed in the next few days and the airline will be handed over to the Tata group by the end of this weekAs a part of the deal the Tata group will also be handed over Air India Express and a 50 percent stake in ground handling arm Air India SATSTatas had on October 8 beat the Rs 15100-crore offer by a consortium led by SpiceJet promoter Ajay Singh and the reserve price of Rs 12906 crore set by the government for the sale of its 100 percent stake in the loss-making carrierWhile this will be the first privatisation since 2003-04 Air India will be the third airline brand in the Tatas stable it holds a majority interest in AirAsia India and Vistara a joint venture with Singapore Airlines Ltd PTI DSP RT RT

New Delhi Oct 17 PTI New aircraft parts worth more than Rs 10 lakhs and non-aircraft parts worth more than Rs 5 lakh will now be procured only after the approval of the either Director Finance or Executive Director Finance Air India said on Sunday Moreover the airline in an order stated that if the repair of aircraft parts is going to cost more than Rs 10 lakh it has to be first approved by the Executive Director EngineeringThis order was issued by Air Indias Director Finance Vinod Hejmadi after Civil Aviation Secretary Rajiv Bansal stated that the airlines disinvestment exercise is likely to complete within the next 10 weeks and only necessary revenue and capital expenses should be carried out till thenBansal also holds the charge of Chairman and Managing Director of Air IndiaThe airlines order stated that procurement of new aircraft parts and procurement of non-aircraft parts -- which are of more than Rs 10 lakh cost -- must be done after the approval of Director Finance or Executive Director Finance All other contracts valuing under Rs 10 lakhs would be issued with the approval of regional MM Materials Management Head the order which has been accessed by PTI statedOn October 8 the Centre announced that Talace Private Limited a wholly-owned subsidiary of Tata Sons has beaten a consortium led by SpiceJet promoter Ajay Singh by offering Rs 18000 crore to win the bid to acquire debt-laden Air IndiaThe airlines order also said that the repair of aircraft components if it costs more than Rs 10 lakh must be approved by the Executive Director Engineering All other contracts valuing under Rs 5 lakh would be issued with the approval of regional engineering head it addedThe order mentioned that any procurement order or service order issued by any other department if it is costs between Rs 25 lakh and Rs 5 lakh has to be approved by the regional finance headNo long-term contract would be entered into by any department of air India it stated No capital expenditure exercises would be carried out in Air India without the approval of Director Finance or Executive Director Finance it notedIn case of contractual requirements the contracts would only be entered into for their tenure and validity up to March 2022 only after considering the quantity in stock it mentionedFor those contracts which are due to expire shortly the same may be extended further up to March 2022 at the same rates terms and conditions it stated PTI DSP DV DV