Air India Officially taken back by Tata Group
Published On: Thursday, January 27, 2022 | By: Team KnowMyStock
The government on Thursday officially handed over Air India to the Tata Group."We are delighted to have Air India back at the Tata group," Tata Sons Chairman N Chandrasekaran said. He said the company is looking forward to creating a “world-class airline"."I warmly welcome all the employees of Air India to our Group, and look forward to working together," Chandrasekaran said. "The strategic disinvestment transaction of Air India successfully concluded today with transfer of 100 percent 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," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey stated. The consideration amount of ₹2,700 crores has been received by the government. The shares have been transferred to Talace. Consideration amount has been received and so the new owner is Talace. The debt of ₹15,300 crores has been accepted by the new owners.
With the transfer on Thursday, the Tatas will be in control of three airlines in the country and nearly 27% market share in the aviation sector. The other airlines are Vistara in which the Tatas have a 51% stake and Air Asia where they have a 84% stake.The Tatas will own 100% stake in Air India, 100% in its international low-cost arm Air India Express and 50% in the ground handling joint venture, Air India SATS.
Tags: AIR India Tata groups take over
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