📢Secretary, Department of Investment and Public Asset Management, @FinMinIndia and Secretary, @MoCA_GoI will address a joint press conference at 4 P.M. today, at National Media Centre, @PIB_India

Catch updates in English and Marathi, on @PIBMumbai 📹 Image
Union Finance Minister had announced in #Budget2021 speech that Govt. wishes to complete disinvestment of Air India in FY 2021-22

-@SecyDIPAM, Shri Tuhin Kanta Pandey

LIVE NOW: Image
Cabinet Committee on Economic Affairs had instituted Air India Specific Alternate Mechanism which has identified the winning bidder for the national airline

-@SecyDIPAM

🎥 Image
Air India Specific Alternate Mechanism consists of HomeMinister, Finance Minister, Commerce and Industry Minister and Civil Aviation Minister

-@SecyDIPAM Image
@SecyDIPAM explains the process of disinvestment of @airindiain, which began in July 2017

No interest for first bid

7 bidders for second round, out of which 5 disqualified

Financial bids received from two qualified bidders, on Sep 15 2021 Image
Multi-layered decision making has been adopted for the @airindiain disinvestment process, comprising Air India Specific Alternate Mechanism chaired by Union Home Minister

Process has been transparent, competitive, supported by professional advice

-@SecyDIPAM Image
Time extensions for submitting EoIs were allowed in wake of #Covid_19

Bidding construct has been revised from equity basis to Enterprise Value

-@SecyDIPAM
Certain identified current and non-current liabilities and assets to be matched with current and non-current assets

Excess to be taken out to Air India Asset Holding Company (AIAHL), a GoI SPV, to which some of the assets and liabilities are being transferred

-@SecyDIPAM Image
Interest of employees including retired employees have been taken care of, informs @SecyDIPAM

'Bidders would now bid on the total consideration of equity and debt, with minimum cash equal to 15% of quoted Enterprise Value and maximum retained debt being 85% of quoted EV' Image
.@SecyDIPAM explains stages of the RFP process for disinvestment

'Final Agreed form Share Purchase Agreement submitted along with bid on Sep 15, 2021, meaning no negotiation of terms & conditions after bid submission, bidders had agreed to bid terms and conditions prior to this' Image
Valuation of Enterprise Value was done using business valuation and asset valuation methods, reserve price was set before opening sealed financial bids, to ensure complete independence between bidding and fixation of reserve price

-@SecyDIPAM Image
After ensuring technical qualification of bids for disinvestment of Air India, the two financial bids were opened by Inter Ministerial Group in presence of bidders on Sep 29, 2021

Both bids well above reserve price, H1 bid approved on Oct 4, 2021

-@SecyDIPAM Image
Talace Pvt. Ltd., the SPV of Tata Sons, is the winning bidder for Air India, at a bid value of Rs. 18,000 crore, announces @SecyDIPAM '

@TataCompanies Image
Non-core assets such as land and building, valued at Rs. 14,718 crore, are being transferred to Govt. of India's AIAHL

-@SecyDIPAM

#AirIndia Image
Letter of Intent to be issued, Share Purchase Agreement with successful bidder to be signed

Precedent conditions to be completed, financial statements on long stop date to be prepared and agreed

Transaction to be closed by Dec 2021

-@SecyDIPAM
Enterprise Value construct was important since Air India had excessive debt due to continuous losses

how much of the amount to be hived off was to be determined through the market in this EV process rather than us taking an apriori view of the debt

-@SecyDIPAM Image
Combined debt of Air India and AIXL as on March 31, 2021 - ₹ 46,239 cr.

Total debt as on Aug 31, 21 - ₹ 61,562 cr.

Debt to be taken over by successful bidder - ₹ 15,300 cr.

Remaining debt- ₹ 46,262 cr. will go to AIAHL

@SecyDIPAM explains debt position after disinvestment Image
Govt. has put in ₹ 54,584 crore as cash support and ₹ 55,692 crore as guarantee support, since 2009-10

A total government support of ₹ 1,10,276 crore since 2009-10

Hence, the continuous losses borne by Air India have been funded largely by govt.-guaranteed debt

-@SecyDIPAM
The bid places no restrcition on the successful bidder, in going ahead with mergers and acquisitions

The restriction is that during the equity lock-in period, ownership has to remain with the successful bidder

-@SecyDIPAM Image
Debt of ₹ 46,262 cr. to Air India Asset Holding Company

Assets worth ₹ 14,718 cr. to be taken over by AIAHL

Equity- Rs. 2,700 cr.

Considering transfer of excess assets and liabilities, net impact to govt. will be ₹ 44,679 cr. which will go to AIAHL

Disinvestment of #AirIndia

Winning bidder will retain all employees, no employee to be retrenched for the first one year

For the second year, if anybody is to be retrenched or removed, they will be offered VRS

-@SecyDIPAM

(1/2)🧵
Employees will be provided gratuity and Provident Fund benefits, post-retirement medical benefits to be provided by the govt.

-@SecyDIPAM

(2/2)🧵
There are eight logos under Air India brand, these logos will go to the successful bidder, these cannot be transferred to anyone else for five years

After five years, the logos can be transferred

but to only Indian persons (legal persons), not to any foreign entity

-@SecyDIPAM Image
Government Approves #AirIndia Disinvestment

Tata Sons' SPV- Talace Pvt Ltd wins bid for Air India

@TataCompanies

📘pib.gov.in/PressReleaseIf… Image
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More from @PIBMumbai

11 Oct
पंतप्रधान @narendramodi थोड्याच वेळात व्हिडिओ कॉन्फरन्सिंगद्वारे इंडियन स्पेस असोसिएशन (ISPA) या भारतीय अंतराळ संघटनेचे उदघाटन करणार आहेत. याप्रसंगी ते अंतराळ उद्योगाच्या प्रतिनिधींशीही संवाद साधतील.

थेट प्रसारण-

वेळ- 11:00 वाजता

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आज जेवढे निर्णायक सरकार भारतात आहे, तेवढे पूर्वी कधी नव्हते.

Space Sector आणि Space Tech च्या दृष्टीने भारतात मोठ्या सुधारणा होत आहेत, त्या याचाच एक भाग आहेत.

मी इंडियन स्पेस असोसिएशन – इस्पा स्थापन करण्यासाठी सर्वांना शुभेच्छा देतो- पंतप्रधान @narendramodi Image
आम्ही स्पेस सुधारणांबाबत बोलतो, तेंव्हा आमचा दृष्टीकोन 4 स्तंभांवर आधारित आहे.

पहिले, खासगी क्षेत्राला innovation चे स्वातंत्र्य

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@narendramodi Image
Read 9 tweets
10 Oct
#Maharashtra #COVID19 Updates for today

*⃣New Cases - 2,294
*⃣Recoveries - 1,823
*⃣Deaths - 28
*⃣Active Cases - 33,449
*⃣Total Cases till date - 65,77,872
*⃣Total Recoveries till date - 64,01,287
*⃣Total Deaths till date - 1,39,542
*⃣Tests till date - 6,01,98,173

(1/4)🧵
#Maharashtra #COVID19 Updates for today

As on today, there are 33,449 #ActiveCases in the state

Details of district-wise active cases are as follows:

@airnews_mumbai

@airnews_nagpur

@airnews_pune

(2/4)🧵 ImageImage
#Maharashtra #COVID19 Updates for today

2,294 new cases have been reported in the state today

State tally of #COVID19 positive patients is now 65,77,872

District-wise details of cases and deaths until today are as follows:

@airnews_mumbai

@airnews_nagpur

(3/4)🧵 ImageImageImage
Read 4 tweets
9 Oct
Directorate of Revenue Intelligence seizes 25 kg heroin concealed in oil cans at the Nhava Sheva Port

The container was imported from Afghanistan via Iran's Chabahar port

pib.gov.in/PressReleasePa…

@cbic_india
Based upon intelligence the said container was located at Nhava Sheva port and examination was carried out by a team of DRI Mumbai Officers

Goods were declared in the Customs documents as Sesame seed oil and Mustard oil

(1/3)🧵
During the course of the careful examination, it was noticed that the material in 5 cans of mustard oil was different

The DRI officers thoroughly checked those 5 suspicious cans and found Off-white coloured material concealed at the bottom of those 5 oil cans

(2/3)🧵
Read 4 tweets
9 Oct
मुंबई-सिंधुदुर्ग दरम्यानचे पहिले विमान आज उड्डाण करणार

केंद्रीय हवाई वाहतूक मंत्री @JM_Scindia आभासी पद्धतीने अलायन्स एअर विमानाला हिरवा झेंडा दाखवतील

त्याचवेळी सिंधुदुर्ग विमानतळावरुन @CMOMaharashtra उद्धव ठाकरे या विमानाला रवाना करतील

थेट बघा दु 1 वा
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📡थेट पहा📡

केंद्रीय नागरी हवाई वाहतूक मंत्री @JM_Scindia आभासी पद्धतीने सिंधुदुर्ग विमानतळावरुन, अलायन्स एअर विमानाला हिरवा झेंडा दाखवतील

सिंधुदुर्ग विमानतळ ग्रीनफिल्ड विमानतळ असून उडान योजनेच्या RCS अंतर्गत अधिसूचित करण्यात आले आहे

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मुख्य कार्यकारी अधिकारी @allianceair विनीत सूद यांनी सिंधुदुर्ग पासूनचा पहिला बोर्डिंग पास केंद्रीय मंत्री @JM_Scindia यांना दिल्ली इथे सुपूर्द केला

@CMOMaharashtra यांच्या हस्ते सिंधुदुर्ग इथे #Maharashtra चे उद्योगमंत्री सुभाष देसाई यांना बोर्डिंग पास सुपूर्द ImageImage
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9 Oct
1st ever #Mumbai-Sindhudurg flight to take off today

Union Civil Aviation Minister @JM_Scindia to virtually flag off Alliance Air flight, today

To be flagged off in parallel by @CMOMaharashtra Shri Uddhav Thackeray from Sindudhurg Airport

Live From 1 PM Image
📡Live Now📡

Union Civil Aviation Minister @JM_Scindia to virtually flag off Alliance Air flight✈️, at Sindhudurg Airport

Sindhudurg Airport is a greenfield airport and has been notified as RCS (Regional connectivity Scheme) Airport under UDAAN

🎥 Image
CEO, @allianceair, Shri Vineet Sood hands over the first Boarding Pass of the flight from #Sindhudurg, to Union Minister @JM_Scindia, in Delhi

@CMOMaharashtra hands over boarding pass to #Maharashtra Industries Minister Shri Subash Desai, in Sindhudurg

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8 Oct
#Maharashtra #COVID19 Updates for today

*⃣New Cases - 2,620
*⃣Recoveries - 2,943
*⃣Deaths - 59
*⃣Active Cases - 33,011
*⃣Total Cases till date - 65,73,092
*⃣Total Recoveries till date - 63,97,018
*⃣Total Deaths till date - 1,39,470
*⃣Tests till date - 5,99,14,679

(1/4)🧵
#Maharashtra #COVID19 Updates for today

As on today, there are 33,011 #ActiveCases in the state

Details of district-wise active cases are as follows:

@airnews_mumbai

@airnews_nagpur

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(2/4)🧵 ImageImage
#Maharashtra #COVID19 Updates for today

2,620 new cases have been reported in the state today

State tally of #COVID19 positive patients is now 65,73,092

District-wise details of cases and deaths until today are as follows:

@airnews_mumbai

@airnews_nagpur

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Read 4 tweets

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