Another big ticket reform by Modi Government with CCEA-empowered Committee of Ministers approving the bid by Talace Pvt Ltd, subsidiary of Tata Sons, for acquisition of Air India. With this, Maharaja returns to the Tatas 68 years after it was nationalised by a Socialist PM.
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The Tatas’ winning bid for Air India was Rs 18000 crore. The floor price was Rs 12906 cr.
Tatas will get 100% shareholding in Air India and Air India Express, and 50% shareholding in Air India’s ground service AISATS.
The formal handover will happen by end-December 2021.
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Tatas will get 100% shareholding in Air India and Air India Express, and 50% shareholding in Air India’s ground service AISATS.
The formal handover will happen by end-December 2021.
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Air India disinvestment does not include non-core assets like land and buildings, valued at Rs 14718 crore. These will be transferred to GoI’s Air India Asset Holding Ltd.
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Tatas will be able to merge Vistara and Air Asia with Air India. But they cannot sell/transfer Air India brands and their 8 logos for 5 years. Even after that, Air India brands and logos cannot be sold/transferred to a foreign entity.
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Loss-making Air India’s debts stood at Rs 61562 crore on 30 August 2021. Tatas will pick up debts amounting to Rs 15300 crore.
All staff will be retained for first year. In second year Tatas can decide how many of the staff to retain. Rest will be offered VRS.
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All staff will be retained for first year. In second year Tatas can decide how many of the staff to retain. Rest will be offered VRS.
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The Air India disinvestment was done in a hundred per cent transparent manner with multilayered checks. Once again, the twin-hallmark of Modi Government — integrity and transparency— have been re-established with today’s Air India sale announcement.
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