‘Totally delighted’: Tata Group officially takes over Air India
The Tata Group has officially taken over Air India.
The airline was on Thursday handed over after Tata Sons chairman Natarajan Chandrasekaran called on Prime Minister Narendra Modi.
“The formalities have been completed. The Air India disinvestment process is closed. The shares have been transferred to Talace Pvt Ltd, which is the new owner of Air India,” said Tuhin Kant Pandey, secretary, Department of Investment & Public Asset Management.
The strategic disinvestment transaction of Air India successfully concluded today with transfer of 100% shares of Air India to M/s Talace Pvt Ltd along with management control. A new Board, led by the Strategic Partner, takes charge of Air India. pic.twitter.com/wd5ZcUFomI
— Secretary, DIPAM (@SecyDIPAM) January 27, 2022
“We are totally delighted to have Air India back at the Tata Group,” Chandrasekaran said.
Also read: A history of Air India: The Maharaja’s journey through the years
The Tata Group is “committed to making this a world-class airline. I warmly welcome all the employees of Air India, to our Group, and look forward to working together”, he said.
In October last year, the government had sold Air India to Talace for ₹18,000 crore.
After that, a Letter of Intent (LoI) was issued to the Tatas confirming the government’s willingness to sell its 100 per cent stake in the airline. Then, the Centre signed the share purchase agreement for the deal.
As a part of the deal, the Tatas will also be handed over Air India Express and a 50 per cent stake in ground handling arm Air India SATS.
