Air India were nationalised by Nehru in 1953
Since it's merger with Indian Airlines in 2007-08,Air India never made profit
Accumulated losses at Rs70820Cr till Aug2021,showcase how #AirIndia was bled for decades by corrupt Congress
@narendramodi finally did what had to be done
Since it's merger with Indian Airlines in 2007-08,Air India never made profit
Accumulated losses at Rs70820Cr till Aug2021,showcase how #AirIndia was bled for decades by corrupt Congress
@narendramodi finally did what had to be done
As on Aug 31,2021,Air India had total debt of Rs 61562Cr
About 75% of the debt has been transferred to a SPV,#AIAHL,before handing over airline to Tata Group
Indian taxpayers will no longer have to pay Rs 20Cr per day,to keep loss making #AirIndia flying,thx to @narendramodi
About 75% of the debt has been transferred to a SPV,#AIAHL,before handing over airline to Tata Group
Indian taxpayers will no longer have to pay Rs 20Cr per day,to keep loss making #AirIndia flying,thx to @narendramodi
Congress expectedly attacked the decision,as selling of family silver
What Tata is getting is not a cash cow but an airline which is bleeding &money needs to be pumped in to refurbish obsolete aircraft
No employee to be sacked for 1yr &resizing of staff only after paying VRS
What Tata is getting is not a cash cow but an airline which is bleeding &money needs to be pumped in to refurbish obsolete aircraft
No employee to be sacked for 1yr &resizing of staff only after paying VRS
@narendramodi govt accepted an offer by Talace Pvt Ltd,a unit of the holding company of salt-to-software conglomerate Tata group,to pay Rs 2700 Cr cash& takeover Rs15300Cr of the airline's debt
Tatas would not get to retain non-core assets
Win-Win deal💪
#Modinomics #AirIndia
Tatas would not get to retain non-core assets
Win-Win deal💪
#Modinomics #AirIndia
Non core assets such as Vasant Vihar Housing colony of Air India, Air India Building at Nariman Point in Mumbai&Air India Building in New Delhi,not given to Tatas
Some Non core assets to be with Tatas only for 2yrs,till monetisation plan to pay off liabilities of #SPV fructifies
Some Non core assets to be with Tatas only for 2yrs,till monetisation plan to pay off liabilities of #SPV fructifies
Of 141 #AirIndia aircraft that Tatas would get,42 are leased planes while remaining 99 are owned
Tata will also take over capitalised lease liability on account of operating leases of Rs 9185Cr
Note,many of these 141 planes are not in flying condition&Tatas would have to spend
Tata will also take over capitalised lease liability on account of operating leases of Rs 9185Cr
Note,many of these 141 planes are not in flying condition&Tatas would have to spend
Hence @narendramodi govt has managed to extract a great bargain,protecting existing employees too,for atleast next 1 yr
Govt is divesting 100% ownership of Air India&Air India Express along with its 50% stake in ground handling company,AISATS
#AirIndia
#Modinomics #Privatisation
Govt is divesting 100% ownership of Air India&Air India Express along with its 50% stake in ground handling company,AISATS
#AirIndia
#Modinomics #Privatisation
@narendramodi govt will,however, transfer Rs16000Cr of unpaid current liabilities,in excess of current and non current assets such as fuel bills&other pending dues that Air India owes to suppliers,to the SPV,Air India Assets Holding Ltd (AIAHL)
#AirIndia #Privatisation #TataSons
#AirIndia #Privatisation #TataSons
A Letter of Intent was issued to Tatas in Oct2021 confirming govt's willingness to sell 100% stake in Air India
Tatas accepted LoI,post which Share Purchase Agreement(SPA) was signed
Conditions precedent to transaction,were satisfied by Tatas for full take over of operations
Tatas accepted LoI,post which Share Purchase Agreement(SPA) was signed
Conditions precedent to transaction,were satisfied by Tatas for full take over of operations
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