New Delhi, India: Tata group has officially taken over Air India from the government on Thursday (January 24). “We are totally delighted to have Air India back at the Tata group and are committed to making this a world-class airline,” Tata Sons Chairman N Chandrasekaran said. Mr Chandrasekaran also met Prime Minister Narendra Modi ahead of the official handover. “The strategic disinvestment transaction of Air India successfully concluded today with transfer of 100 per cent shares of Air India to M/s Talace Pvt Ltd along with management control. A new Board, led by the Strategic Partner, takes charge of Air India,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey stated.
Earlier In October last year, the government had sold Air India to Talace Private Limited — a subsidiary of the Tata group’s holding company — for ₹ 18,000 crores.
Tatas had beat the ₹ 15,100-crore offer by a consortium led by SpiceJet promoter Ajay Singh and the reserve price of ₹ 12,906 crores set by the government for the sale of its 100 per cent stake in the loss-making carrier.
Tatas would not get to retain non-core assets such as the Vasant Vihar Housing colony of Air India, Air India Building at Nariman Point, Mumbai, and Air India Building in New Delhi.
At present, Air India controls over 4,400 domestic and 1,800 international landing and parking slots at domestic airports as well as 900 slots abroad.
Of the airline’s 141 aircraft that Tatas would get, 42 are leased planes while the remaining 99 are owned.