Tata Sons Chairman Likely To Meet PM Ahead Of Air India Handover: Sources

Thursday, 27 January 2022newsdesk

In October last year, the government had sold Air India to Talace Private Limited -- a subsidiary of the Tata group's holding company -- for ₹ 18,000 crore. After that, a Letter of Intent (LoI) was issued to the Tata group confirming the government's willingness to sell its 100 per cent stake in the airline. Then, the Centre had signed the share purchase agreement (SPA) for this deal.

New Delhi, 27 January 2022

As per news report of NDTV, As a part of the deal, the Tata group will also be handed over Air India Express and a 50 per cent stake in ground handling arm Air India SATS. Tatas had beat the ₹ 15,100-crore offer by a consortium led by SpiceJet promoter Ajay Singh and the reserve price of ₹ 12,906 crore set by the government for the sale of its 100 per cent stake in the loss-making carrier. While this will be the first privatisation since 2003-04, Air India will be the third airline brand in the Tata Group's stable -- it holds a majority interest in AirAsia India and Vistara, a joint venture with Singapore Airlines Ltd. Tatas would not get to retain non-core assets such as the Vasant Vihar Housing colony of Air India, Air India Building at Nariman Point, Mumbai, and Air India Building in New Delhi.

Source - NDTV