Air India to be handed over to Tata Group on January 27
Highlights
- Air India had been sold to the Tata Group on October 8, 2021.
- Over 3 months later, it is slated to be handed over to Tata on January 27.
- Remaining formalities of the deal are expected to be completed in the next few days.
Over 3 months after being sold to a subsidiary of the Tata group’s holding company, Air India will be handed over to the Tata group on January 27. A closing balance sheet has been provided today, to be reviewed by the Tata Group, and any changes can be made on Wednesday. Vinod Hejmadi, Director Finance, Air India notified of the date of Air India’s disinvestment in an email to the employees, reported news agency ANI.
After a competitive bidding process, the government had on October 8 last year sold Air India to Talace Private Limited, a subsidiary of the Tata group’s holding company. Following that, on October 11, a Letter of Intent (LoI) was issued to the Tata group confirming the government’s willingness to sell its 100 percent stake in the airline. On October 25, the Centre signed the share purchase agreement (SPA) for this deal.
Officials 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.
As 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 SATS. Air India will be the third airline brand in the Tatas’ stable.
(with inputs from agencies)
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