Tata Group Will Become Official Owners Of Air India On January 27th: India’s Biggest Aviation Coup!
The divestment of Air India is one of the most awaited events in recent times. And after overcoming a series of troubles, the long saga of the homecoming of Air India might be coming to an end. According to the latest reports, the disinvestment of national carrier Air India will take place on January 26.
Homecoming of Air India is scheduled for Jan 27th
Recently in an email to employees, Air India’s Director, Finance, Vinod Hejmadi said the closing balance sheet as of January 20 will be provided to the Tata group today, and if any changes are necessitated, it could be made by January 26.
“Air India disinvestment has been decided to take place on January 27th, 2022. The closing balance sheet on January 20 is to be provided today, January 24, so that it can be reviewed by Tata and any changes can be made on Wednesday,” Hejmadi was quoted by ANI as stated in the email.
According to Senior government officials, Air India is likely to be handed over to the Tata group by this weekend.
A long saga on the way to an end
In 1953, Air India was nationalized and since then it has been under the control of the government. It carried the name of India all over the world. But long gone are the heydays of the organization. And it had become difficult for the government to manage it and it finally decided to take out its hand out of it. The Tatas had won the bid last year to acquire the debt-ridden airline. The airline was sold to Talace Private Limited — a subsidiary of the Tata group’s holding company — for Rs 18,000 crore.
After that, a letter of intent 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 for this deal.
The remaining formalities regarding this deal are expected to be completed in the next few days. It should be noted that 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.
Comments are closed, but trackbacks and pingbacks are open.