Air India Strategic Disinvestment; Tata Takes over the Air India Steering
Government receiving the consideration of Rs 2,700 crore from the Strategic Partner (M/s Talace Pvt Ltd, a wholly-owned subsidiary of M/s Tata Sons Pvt Ltd),
Image credit: TATA GROUP
New Delhi: The Air India strategic disinvestment transaction has been completed today with the Government receiving the consideration of Rs 2,700 crore from the Strategic Partner (M/s Talace Pvt Ltd, a wholly-owned subsidiary of M/s Tata Sons Pvt Ltd), retaining debt of Rs 15,300 crore in Air India and AIXL and transferring shares of Air India (100% shares of Air India and its subsidiary AIXL and 50% shares of AISATS) to the Strategic Partner.
It is pertinent to mention that following the Government’s approval of the highest price bid of M/s Talace Pvt Ltd for strategic disinvestment of Air India, the Letter of Intent was issued to the winning bidder on 11 October 2021.
Shri N Chandrasekaran, the Chairman of Tata Sons called on PM: Image credit-PMO twitter
The Share Purchase Agreement (SPA) was signed on 25 October 2021. Thereafter, Strategic Partner (M/s Talace Pvt Ltd), Air India, and the Government worked towards satisfying a set of conditions precedent defined in the SPA including approvals from anti-trust bodies, regulators, lenders, third parties, etc. These conditions have since been met to mutual satisfaction.
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