Totally delighted, says N Chandrasekaran on Air India handover to Tatas

Tata Sons chairman N Chandrasekaran has said that he is “totally delighted” that the Air India handover process is complete and that he is ecstatic to have the national carrier back in the Tata Group after 67 years. He added that he is looking forward to working with everyone to create a world-class airline.
 
The Tata Sons boss noted, “We’re totally delighted that this process is complete and happy to have Air India back in the Tata Group. We look forward to walking with everyone to create a world-class airline.”

Union Civil Aviation Minister Jyotiraditya Scindia also tweeted about the Air India divestment process being “brought to a successful conclusion in a time-bound manner.” He added that this proves the government’s ability and resolve to carry out divestment procedures effectively in non-strategic sectors.
 
Scindia added, “Best wishes to the new owners. I am confident that the airline will bloom under their wings, and pave the way for a thriving and robust civil aviation industry in India.”

The Tata Group shared a one-line tweet with an image of an Air India plane in the sky with the words, "Welcome Back, Air India!" written behind it as the plane storms through the skies. The tweet read, "Your arrival was much awaited, Air India."

The AI handover to Tata Sons was confirmed by the DIPAM Secretary Tuhin Kanta Pandey. Pandey said, “Air India has been handed over to Tata Sons.” He said that the new owners of Air India are Talace Pvt Ltd and the entire Rs 2,700 crore has been received by the government. Pandey added, “We have transferred shares. Entire Rs 15,300 crore of debt which was to be retained, that has been accepted.”

Civil Aviation Ministry Secretary Rajiv Bansal apprised that the 12,000 employees will now work with the Tatas and that they will have to retain them for a year. Prior to the handover, the Tata Sons chief met Prime Minister Narendra Modi.
 
On October 8 2-21, the government had announced that Talace Pvt Ltd, a wholly owned subsidiary of Tata Sons, won the bid to acquire Air India. The Group offered Rs 18,000 crore for 100 per cent shareholding. The Tata Group was expected to pay Rs 2,700 in cash and take over Rs 15,300 crore of the airline’s debt. This deal also includes the sale of Air India Express and ground handling arm AISATS.
 
As part of this deal, the Tata Group will not get to retain non-core assets as the Vasant Vihar Housing colony of AI, AI building at Mumbai’s Nariman Point and Air India building in Delhi. Of the 141 Air India aircraft that Tatas would get, 42 are leased and 99 are owned.
 
(With agency inputs)

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