Tata Group takes over Air India after 67 years

January 27, 2022 20:52
Tata Group takes over Air India after 67 years

(Image source from: twitter.com/TataCompanies)

Tata Group takes over Air India after 67 years:- Tata Group acquired Air India which landed in the financial crisis. Tata Group took over Air India officially today. Tata Sons Chairman N Chandrasekaran met Indian Prime Minister Narendra Modi before taking over Air India. "We are totally delighted to have Air India back at the Tata Group and are committed to make it a world-class airline" told Chandrasekaran. The disinvestment transaction of Air India is concluded today after the 100 percent share of Air India is transferred to M/S Talace Pvt Ltd. The new Board will take the charge soon. Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey announced the news.

The Indian government sold Air India to Talace Pvt Ltd for Rs 18,000 crores. A Letter of Intent was issued to Tata Group after the government was ready to sell off the stake. The Centre also signed the Share Purchase Agreement (SPA) for the deal. The ground handling firm Air India SATS will take over the 50 percent stake in the deal. The bid paid was Rs 15,100 crores for the share. Air India will be the third airline for Tata Group after Air Asia India and Vistara. The non-core assets will not be retained by the Tata Group. Air India has a control of 4400 domestic and 1800 international parking slots at Indian airports and 900 slots are locked for Air India abroad. Tata Airlines which was launched in 1932 was renamed as Air India in 1946. The government took the control of it in 1953 and JRD Tata was the Chairman till 1977.

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Air India Tata Group  Tata Group  Air India