Tata Group takes over management and control of Air India
Talace is a subsidiary of the Tata group's holding company. Talace Pvt Ltd, a wholly owned subsidiary of Tata Sons Pvt Ltd, last year won the bid to acquire the airline.
New Delhi: Tata Group Chairman N Chandra met PM Narendra Modi before the government handed over Air India to the Tatas on Thursday. The government had sold the airline to Talace Private Limited for Rs 18,000 crores on October 8 2021.
Talace is a subsidiary of the Tata group's holding company. Talace Pvt Ltd, a wholly owned subsidiary of Tata Sons Pvt Ltd, last year won the bid to acquire the airline.
Chairman of Tata Sons N Chandrasekharan, after the handover of Air India, said, "We're totally delighted that this process is complete and happy to have Air India back in the Tata Group. We look forward to walking with everyone to create a world-class airline."
According to ANI, the strategic disinvestment transaction of Air India successfully concluded today with the transfer of 100 per cent shares of Air India to Talace Pvt Ltd along with management control. A new Board, led by the Strategic Partner, took charge of Air India.
After a bidding process, Tata wins the bidding of Air India on October 8 last year for 18,000 crore. Tatas had on October 8 beat the Rs 15,100-crore offer by a consortium led by SpiceJet promoter Ajay Singh and the reserve price of Rs 12,906 crores set by the government for the sale of its 100 per cent stake in the loss-making carrier.
Tata Group takes over management and control of Air India, starting today pic.twitter.com/qKMNPlwmNk
— ANI (@ANI) January 27, 2022
