Tata Sons Chairman N Chandrasekharan said the business is "happy" after receiving the Air India handover "It's great to see Air India back to the group. He stated that the corporation intends to build a "world-class airline."
He said, “We're totally delighted that this process is complete & happy to have Air India back in the Tata Group. We look forward to walking with everyone to create a world-class airline,"
Today, Air India's strategic disinvestment deal was completed effectively, with Talace Pvt Ltd receiving 100% of the company's shares and management control.
“A new board, led by the Strategic Partner, has taken charge of Air India,"
In a tweet, the Secretary of the Department of Investment and Public Asset Management said.
The government received a payment of Rs. 2,700 crore from the Strategic Partner as part of the disinvestment deal (Talace Pvt Ltd, a wholly-owned subsidiary of Tata Sons Pvt Ltd). The government kept the debt of 15,300 crores in Air India and AIXL and transferred shares of Air India to the Strategic Partner (100 percent of Air India and its subsidiary AIXL and 50 percent of AISATS).
Following the government's approval of Talace's highest price bid for Air India, the winning bidder received a Letter of Intent on October 11, 2021. On October 25, 2021, the Share Purchase Agreement was signed.
Following that, Strategic Partner (Talace), Air India, and the government worked to meet a number of pre-conditions outlined in the SPA, such as approvals from anti-trust authorities, regulators, lenders, and third parties. Since then, these prerequisites have been met to everyone's satisfaction.
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