Tata Group officially takes over Air India; company chairman says ‘totally delighted’

tata group

On Thursday, shortly after Tata Sons chairman Natarajan Chandrasekaran met with Prime Minister Narendra Modi, Air India was officially handed over to the Tata Group. The government sold Air India to Talace Private Limited, a subsidiary of the Tata Group’s holding company, for Rs 18,000 crore on October 8, last year, following a competitive bidding process.

Expressing his happiness over the development, Chandrasekaran said he was “totally delighted that Air India’s takeover process is complete.”

The government announced the Tata Group as the winning bidder in Air India’s disinvestment process in October of last year. Following the announcement, the government issued a letter of intent indicating its willingness to sell its entire stake in the airline to the Tata Group. The expected transfer date was set for the end of December at the time. Due to various pending approvals from global regulators and the lenders’ and lessors’ finalisation of the balance sheet, the deadline was extended to the end of January.

The winning bid for a 100 percent stake in Air India was Rs 18,000 crore, of which Rs 15,300 crore was debt and Rs 2,700 crore was cash to be paid to the government.

The Tata Group founded Air India in 1932. However, after India gained independence in 1947, Prime Minister Jawaharlal Nehru nationalised the airline in 1953.

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