N Chandrasekaran, Chairman, Tata Sons said, “We are very happy to have Air India back in the Tata Group. We look forward to working with everyone to make this a world class airline.
Tata Group takes over Air India: The command of the airline Air India officially came into the hands of the Tata Group on Thursday. The Central Government has completely handed over Air India to the Tata Group. DIPAM Secretary Tuhin Kant Pandey said in a tweet, “The Strategic Disinvestment Transaction of Air India concluded today with 100% transfer of Air India shares to Tales Pvt Ltd with Management Control.” He further said that a new board under the leadership of the Strategic Partner will take over the charge of Air India.
Finance Ministry statement
In October last year, Tata Sons made a bid of 18 thousand crores for Air India and bought it. The Tata group will give Rs 2,700 crore in cash and in addition to repay the debt of Air India Rs 15,300 crore. “The strategic disinvestment transaction of Air India has been completed today, in which the government has received Rs 2,700 crore from the strategic partner (Tales Private Limited, a subsidiary of Tata Group),” the Finance Ministry said in a statement. The shares of Air India (100 per cent shares of Air India and its subsidiary AIXL and 50 per cent shares of AISATS) including the debt liability of Rs 15,300 of Air India and AIXL have been transferred to the Strategic Partner.
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Will make world class airline: N Chandrasekaran
Tata Sons Chairman N Chandrasekaran said that Tata is very happy to have Air India again. Chandrasekaran told reporters here, “We are happy that the process of acquisition of Air India is complete.” He said, “We are very happy to have Air India back in the Tata group. We look forward to working with everyone to make this a world class airline. I warmly welcome all Air India employees to our group and look forward to working together.”
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SBI consortium agrees to give loan to Tata
A consortium of lenders led by State Bank of India (SBI) has agreed to provide loan to the Tata group for loss-making airline Air India. Sources said the SBI-led consortium has agreed to provide both term loan and working capital loan as per Air India’s requirements. According to sources, all major lenders including Punjab National Bank, Bank of Baroda and Union Bank of India are part of the consortium. Let us tell you that Tata Group’s holding company Tales Private Limited on October 8, 2021 won the bid to acquire debt-ridden Air India for Rs 18,000 crore.
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