Air India handover: There is a preparation to hand over the management control of the government-owned airline company Air India to a subsidiary company of Tata Sons. Tata Group Chairman N. Chandrasekaran (N. Chandrasekaran) is in Delhi to meet key officials of the central government in this regard. According to the news of IANS, especially in this process, the formation of a new Air India Board with Tata nominees will be required. Earlier this week, in a communication to the airline’s employees, a senior Air India official wrote – It has now been decided to disinvest Air India on January 27, 2022.
Discussed with employees
According to the news, the statement said that the closing balance sheet is to be made available on January 20 and January 24, so that it can be reviewed by Tata and any changes can be made on Wednesday. It was sent to the employees by Finance Director Vinod Hejmadi. The release further read- The next three days will be busy for our department and I request all of you to give our best in these last three-four days before disinvestment. We may have to work till late at night to complete the work given to us.
Tata Group’s company Tales gets approval
Last month, the Competition Commission of India approved the takeover of Air India, Air India Express and Air India SATS Airport Services by Tales, a wholly-owned subsidiary of Tata Sons. The acquisition envisages 100 per cent equity share capital of Air India and Air India Express and 50 per cent for Air India SATS Airport Services by Tales. The airline, along with AIXL, is primarily engaged in the business of providing air cargo transport service as well as domestic and international scheduled air passenger transport service.
Won the bid for Rs 18,000 crore
Air India SATS Airport Services is engaged in the business of providing Ground Handling Services at Delhi, Bengaluru, Hyderabad, Mangaluru and Thiruvananthapuram Airports and Cargo Handling Services at Bengaluru Airport. Palace, a subsidiary of Tata Sons (Tata Group buys Air India), had emerged as the highest bidder for the national carrier as part of the disinvestment process. It had won the bid for the Centre’s 100 per cent equity stake in Air India along with Air India Express and AISATS for Rs 18,000 crore. On its part, the Center had fixed a reserve price of Rs 12,906 crore.