Page 44 - The Indian EYE 020422

BuSINESS EYE FEBRUARY 04, 2022 | The Indian Eye 44

HIstoRIC landIng:

after 69 years, air India returns to

the home of tatas

Tata Group expected to make big changes with maximum emphasis given to ensure that all Air

India aircraft fly on time; Changes also in seating arrangements and the dress of the cabin crew

Chairman of Tata Sons N Chandrasekaran calls on Prime Minister Narendra Modi ahead of the Air India was officially handed over to Tata Group
official handover of Air India to Tata Group in New Delhi on Thursday (ANI) on Thursday (ANI)

OUR BUREAU the company attended the handing spirit, which made this historic tran- Pvt Ltd for strategic disinvestment
over ceremony. sition possible. Our Prime Minister of Air India, the Letter of Intent was
New Delhi/Mumbai
Talking to reporters after the has in action demonstrated what his issued to the winning bidder on Oc-
fter 69 years of its national- handover ceremony Chandrase- commitment to ‘Minimum Govern- tober 11, 2021. The Share Purchase
ization Air India on Thursday karan said, “We are happy that Air ment, Maximum Governance’ means, Agreement (SPA) was signed on Oc-
Aformally became part of Tata India is back with Tata Group. We Tata Sons statement said. tober 25, 2021,” the Finance Ministry
Group, its founder. The government look forward to working with every- “We philosophically agree with statement said.
formally handed over the airline to one in creating a world-class airline.” the Prime Minister’s vision for the “Thereafter, Strategic Partner
Tata Group at a ceremony held in the Department of Investment and aviation sector, of making it afford- (M/s Talace Pvt Ltd), Air India and
national capital. Public Asset Management (DIPAM) able and ensuring it contributes to the Government worked towards sat-
“The Air India strategic disin- Secretary Tuhin Kanta Pandey said boosting ‘Ease of Living’ for citizens,” isfying a set of conditions precedent
vestment transaction has been com- all the disinvestment formalities it added. defined in the SPA including approv-
pleted today with Government re- have been completed and shares of The transaction covers three en- als from anti-trust bodies, regulators,
ceiving a consideration of Rs 2,700 Air India have been transferred to tities - Air India, Air India Express lenders, third parties, etc. These con-
crore from the Strategic Partner Tata Group. “As we speak, they (Tata and AI SATS. Air India is India’s flag ditions have since been met to mu-
(M/s Talace Pvt Ltd, a wholly-owned Group) are the new owners,” Pandey carrier and premier full-service air- tual satisfaction,” the ministry added.
subsidiary of M/s Tata Sons Pvt Ltd), told reporters. line. Air India Express is a low-cost Now, Tata will make big chang-
retaining debt of Rs 15,300 crore in Before the formal handing over carrier. AI SATS provides a compre- es after the formal handover of Air
Air India and AIXL and transferring ceremony, Chandrasekaran met hensive suite of ground handling and India. The maximum emphasis will
shares of Air India (100 per cent Prime Minister Narendra Modi. cargo handling services. be given to ensure that all Air India
shares of Air India and its subsidiary “We are excited to have Air In- Last year, Talace Pvt Ltd, a whol- aircraft fly on time. Tata Group has
AIXL and 50 per cent shares of AI- dia back in the Tata Group and are ly-owned subsidiary of Tata Sons Pvt also planned several other changes.
SATS) to the Strategic Partner,” the committed to making this a world- Ltd, won the bid to acquire 100 per There will be changes in seating ar-
Finance Ministry said in a statement. class airline. I warmly welcome all cent equity shareholding of Gov- rangements and also the dress of the
In a separate statement, Tata Group the employees of Air India, to our ernment of India in Air India along cabin crew. Tata is a leading player
said it has taken over management Group, and look forward to working with equity shareholding of Air India in the hotel business and it will give
and control of airline from today. together,” Chandrasekaran said in a in AIXL and Air India SATS Air- top priority to improve the quality of
“Tata Group takes over manage- statement. port Services Private Limited for Rs food in the airline, sources said.
ment and control of the airline, start- The Tata Group would like to 18,000 crore. According to an Air India offi-
ing today,” the statement said. Tata acknowledge Prime Minister Naren- “It is pertinent to mention that cial, a recorded message of Ratan
Sons Chairman N Chandrasekaran dra Modi’s commitment to reforms following the Government’s approval Tata will be played out on board in
along with other senior officials of and faith in India’s entrepreneurship of the highest price bid of M/s Talace all Air India aircraft.

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