New Delhi Jan 27 PTI Tata Group on Thursday took over the ownership of national carrier Air India The strategic disinvestment transaction of Air India successfully concluded today with transfer of 100 per cent shares of Air India to Ms talace Pvt Ltd along with management control DIPAM Secretary Tuhin Kanta Pandey said in a tweet A new board led by the strategic partner takes charge of Air India he added In October last year Tata Group announced the winning bidder for Air India with a bid amount ofRs 18000 crore Tatas would pay Rs 2700 crore cash and takeover Rs 15300 crore of the airlines debt The Air India strategic disinvestment transaction has been completed today with Government receiving a consideration of Rs 2700 crore from the Strategic Partner Ms Talace Pvt Ltd a wholly owned subsidiary of Ms Tata Sons Pvt Ltd retaining debt of Rs 15300 crore in Air India and AIXL and transferring shares of Air India 100 per cent shares of Air India and itssubsidiary AIXL and 50 per cent shares of AISATS to the Strategic Partner the finance ministry said in a statement Tatas 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 per cent stake in the loss-making carrier PTI JD RAM
New Delhi [India], January 27 (ANI): After 69 years of its nationalisation Air India on Thursday formally became part of Tata Group, its founder. The government formally handed over the airline to Tata Group at a ceremony held in the national capital.
New Delhi [India], January 27 (ANI): Tata Sons Chairman N Chandrasekaran on Thursday met Prime Minister Narendra Modi in the national capital before formal takeover of Air India.
New Delhi [India], January 24 (ANI): Air India is likely to be handed over to Tata Group by this weekend as the government has decided to complete the disinvestment process on January 27, a senior official said on Monday.
New Delhi Oct 25 PTI The government on Monday signed a share purchase agreement with Tata Sons for sale of national carrier Air India for Rs 18000 crore Earlier this month the government had accepted an offer by Talace Pvt Ltd a unit of the holding company of the salt-to-software conglomerate to pay Rs 2700 crore cash and take over Rs 15300 crore of the airlines debt Following that on October 11 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 Share Purchase Agreement signed today by Government with Tata Sons for strategic disinvestment of Air India Department of Investment and Public Asset Management DIPAM Secretary Tuhin Kanta Pandey tweeted The deal also includes the sale of Air India Express and ground handling arm AISATS Tatas 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 per cent stake in the loss-making carrier While 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 JD ABM ABM