Air India likely to be handed over to Tata group by weekend


PTI, Jan 24, 2022, 3:51 PM IST

Representative Image (Source: Wikimedia)

New Delhi: Air India is likely to be handed over to the Tata group by the end of this week, senior government officials said on Monday.

After a competitive bidding process, the government had on October 8 last year sold Air India to Talace Private Limited — a subsidiary of the Tata group’s holding company — for Rs 18,000 crore.

Following that, on October 11, a Letter of Intent (LoI) was issued to the Tata group confirming the government’s willingness to sell its 100 percent stake in the airline. On October 25, the Centre signed the share purchase agreement (SPA) for this deal.

Officials said on Monday that the remaining formalities regarding this deal are expected to be completed in the next few days and the airline will be handed over to the Tata group by the end of this week.

As a part of the deal, the Tata group will also be handed over Air India Express and a 50 percent stake in ground handling arm Air India SATS.

Tatas had on October 8 beat the Rs 15,100-crore offer by a consortium led by SpiceJet promoter Ajay Singh and the reserve price of Rs 12,906 crore set by the government for the sale of its 100 percent stake in the loss-making carrier.

While this will be the first privatization since 2003-04, Air India will be the third airline brand in the Tatas’ stable — it holds a majority interest in AirAsia India and Vistara, a joint venture with Singapore Airlines Ltd.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Sensex jumps 311 points in early deals; Nifty gains over 83 points

Byndoor: Boat capsizes due to high waves; Fishermen rescued

Couple’s suicide case: Would have got them married, says family

‘Quomodocunquize: Tharoor takes dig at Railways Ministry with head-scratcher

Two ‘hybrid’ militants of LeT arrested in Srinagar

Ricky Kej’s jibe on ‘Brand India’ criticizing immigration process at KIA stirs controversy

Kim, other N. Koreans attend large funeral amid COVID worry


Related Articles More

Sensex jumps 311 points in early deals; Nifty gains over 83 points

DLF net debt dips 45 pc to Rs 2,680 cr in FY 22; aims further debt reduction in medium-term

Cooling items in hot demand; refrigerator, AC sales jump: Croma report

Davos set to host WEF Annual Meeting again Ukraine crisis climate change key focus

CNG price hiked by Rs 2 per kg; rates up by Rs 19.60/kg in two months

MUST WATCH

High tech Bust stand Inaguration at Shirva

NEWS BULLETIN 21-05-2022

We will have 2 options

Chikkamagaluru DC statement Namaz at Dattapeeta video goes viral

Kalasa Crime : CCTV Footage found


Latest Additions

Man rides cycle to his wedding venue as mark of protest against high fuel price

Maha: Man held for stealing woman’s gold jewelry worth Rs 5 lakh

Whether you followed lockdown rules may have been influenced by your genetics – new research

Plant-based milk products: what you need to know before making the switch

Sensex jumps 311 points in early deals; Nifty gains over 83 points

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.