Bhubaneswar: The strategic disinvestment transaction of Air India successfully concluded on Thursday with the transfer of 100 per cent shares to Talace Pvt Ltd, a subsidiary of the Tata group’s holding company, along with management control.
“The formalities have been completed. The Air India disinvestment process is closed. The shares have been transferred to Talace Pvt Ltd, which is the new owner of Air India,” said Secretary, Department of Investment & Public Asset Management (DIPAM), Tuhin Kant Pandey.
With this, the reins of Maharaja are back with the company. The Tatas had started Air India as Tata Airlines in 1932 and sold it to the government in 1953.
The government had in October last year, inked the share purchase.
Ahead of the official handover, Chairman of Tata Sons N Chandrasekharan met Prime Minister Narendra Modi in New Delhi.
He later drove to the headquarters of Air India, where the final handover process was completed with the members resigning from the Air India Board.
“Tonight we will transit from a public sector to a private sector. The next seven days will be very important as we will be changing our image, attitude and perception,” said a mail earlier sent to cabin crew members.
Meanwhile, Tata group has begun implementing changes they are planning to bring in with enhanced meal service on four flights operating from Mumbai. The key points finalised as reported by TOI are:-
>> Passengers will be welcomed, addressed and served as guests.
“There will be changes in (inflight) announcements with a special audio address by Ratan Tata,
>> Grooming associates will observe the crew, which is smartly dressed, adhering to regulations
>> Focus on improving on-time performance, doors to close 10 minutes before the departure time
>>Delhi-Mumbai and key Gulf routes will be among the first to get this rollout along with flights to the US and UK.
Notably, a consortium of lenders led by SBI will provide loans to Tata Group for the smooth functioning of the debt-laden Air India, which it acquired through a bid of Rs 18,000 crore on October 8, 2021.
The Centre accepted its offer to pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline’s debt and issued a Letter of Intent to the company on October 11.
Air India will be the third airline brand in the Tatas’ stable, which holds a majority interest in AirAsia India and Vistara, a joint venture with Singapore Airlines Ltd.
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