Image : Representational Purpose Only
After being sold to a subsidiary of the Tata group’s holding company, Air India will be handed over to the Tata group on January 27. Vinod Hejmadi, Director Finance, Air India notified of the date of Air India’s disinvestment in an email to the employees, reported news agency ANI.
As per PTI report, While this will be the first privatisation since 2003-04, Air India will be the third airline brand in the Tatas’ stable it holds a majority interest in AirAsia India and Vistara, a joint venture with Singapore Airlines Ltd.
Air India disinvestment has been decided to take place on Jan 27th 2022. Closing balance sheet on Jan 20 is to be provided today, Jan 24 so that it can be reviewed by Tata & any changes can be made on Wednesday: Vinod Hejmadi, Director Finance, Air India in an email to employees
— ANI (@ANI) January 24, 2022
“We have done an excellent job till now in providing all support for the disinvestment exercise. The next three days will be hectic for our department and I request all of you to give your best in these last three four days before we get divested,” Hejmadi said.
Seeking cooperation of the employees, Hejmadi said, “We may have to work late in the night to complete the task given to us. I seek the cooperation of one and all.”
After a competitive bidding process, the government had on October 8 last year sold Air India to Talace Private Limited — a subsidiary of the Tata group’s holding company — for Rs 18,000 crore.
Following that, on October 11, a Letter of Intent (LoI) was issued to the Tata group confirming the government’s willingness to sell its 100 percent stake in the airline. On October 25, the Centre signed the share purchase agreement (SPA) for this deal.
