The government has notified the agreement between Air India and special purpose vehicle AIAHL for the transfer of non-core assets
The government on Thursday officially handed over Air India to the Tata group. The Tata Group now takes full control of the iconic 'Maharaja'.
The government has notified the agreement between Air India and special purpose vehicle AIAHL for the transfer of non-core assets.
The strategic disinvestment transaction of Air India successfully concluded today with the transfer of 100 per cent shares of Air India to Talace Pvt Ltd along with management control. A new Board, led by the Strategic Partner, takes charge of Air India, Secretary, DIPAM stated.
EFFECTIVE DISINVESTMENT OF AIR INDIA
Union Minister Jyotiraditya Scindia said it is indeed noteworthy that the disinvestment process of Air India has been brought to a successful conclusion in a time-bound manner.
"This proves the govtâ€™s ability, and the resolve to carry out disinvestment effectively in non-strategic sectors in the future. Best wishes to the new owners. I am confident that the airline will bloom under their wings, and pave the way for a thriving and robust civil aviation industry in India," Scindia said.
AIR INDIA GOES TO TATA
Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said that the formalities have been completed and the Air India disinvestment transaction is closed.
The shares have been transferred to Talace and a consideration amount has been received, the DIPAM Secretary said.
The DIPAM Secretary said that Talace are the new owners as the entire Rs 2,700 crore has been received by the government.
"We have transferred shares. Entire Rs 15,300 crore of debt which was to be retained, has also been accepted. So all processes are completed," he said.
Ministry of Civil Aviation Secretary Rajiv Bansal said that Tata group will have to retain 12,000 employees.