Air India successfully handed over to Tata Group

The Government of India successfully handed over Air India to the Tata Group on January 27, 2022, nearly 69 years after it was taken from the TATAs. According to the officials, the airline was handed over to the conglomerate as all the formalities were close to completion.

The Tata Group, as part of the deal with the Government, are also handed over the Air India Express and a 50% stake in the ground handling arm of Air India SATS.

While this will be the Government of India’s first privatization since 2003-2003, Air India will be the third airline brand in Tata’s stable as the conglomerate holds a majority interest in AirAsia India and Vistara. It is a joint venture by Singapore Airlines Ltd.

The formalities have been completed. The Air India disinvestment process is closed. The shares have been transferred to Talace Pvt Ltd, which is the new owner of Air India: Tuhin Kant Pandey, Secretary, Department of Investment & Public Asset Management (DIPAM) pic.twitter.com/yfLBETERR5

— ANI (@ANI) January 27, 2022

Tata Group Chairman in Delhi to witness formal transfer

The Chairman of the Tata Group N Chandrashekhar is in New Delhi to witness the formal transfer of the Air India to Tata Group. He will be in the ministries for the formal handover process. A formal announcement from the Tata Group regarding the official handover process will also be made on January 27.

Air India: Key Points

1. Maharaja is the official mascot of Air India. The airlines operate globally apart from domestic operations.

2. As per the available data in 2020, Air India operates around 101 destinations including 57 domestic operations. It also includes 33 countries on four continents around the world.

3. Air India has also been carrying a substantial number of the latest aircraft in its fleet from both Airbus and Boeing which is also Air India’s strength.

Tata Group acquired 100% stake in Air India

On October 8, 2021, Tata Group had emerged as the successful bidder of the disinvestment process of the national carrier Air India.

Tata had beaten the Rs. 15,100 crores offer by a consortium led by SpiceJet promoter Ajay Singh and the reserve price of Rs. 12,906 crores set by the Government of India for the sale of its 100% stake in the loss-making carrier.

The Director-Finance, Air India, recently in an email to employees had said that Air India disinvestment had been decided to take place on January 27, 2022. The closing balance sheet on January 20 will be provided on January 24 so that it can be reviewed by Tata.