28 Jan 2022 , 10:45 AM
The Finance Ministry announced the completion of Air India strategic disinvestment with the Indian government receiving the consideration of Rs2,700cr from the Strategic Partner, Talace Pvt Ltd, a wholly-owned subsidiary of Tata Sons Pvt Ltd. Air India whose mascot is the Maharajah (Emperor), returns to Tata Group after 69 years.
Tata Group’s wholly-owned subsidiary Talace Pvt submitted a bid of Rs18,000cr as the Enterprise Value of Air India last year in October.
The government retained debt of Rs15,300cr in Air India and AIXL and transferred shares of Air India (100% shares of Air India and its subsidiary AIXL and 50% shares of AISATS) to the Strategic Partner.
After signing the share purchase agreement in October last year, the strategic partner, 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.
The total permanent and contractual employee strength of Air India & AIXL is 13,500.
The airline has a fleet of 117 wide-body and narrow-body aircraft and AIXL has a fleet of 24 narrow-body aircraft. A significant number of these aircraft are owned by Air India.
Air India took birth as an outcome of JRD Tata’s vision to form India’s first commercial airline. He was also the first licensed pilot. The airline took birth in 1932 and later it was changed to Tata Airline in 1938. The airline had made strong progress during this time. It even expanded internationally by adding routes like Colombo, Sri Lanka (then Ceylon) apart from other regions in India.
However, the airline was nationalised after its business was transferred to Indian Airlines in which the government held the majority stake, during 1953.
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