100 % SHARES OF AIR INDIA FROM NOW ARE IN HANDS OF TATA

(The Quiver) : The government on Thursday officially handed over Air India to the Tata group. The Tata Group now takes full control of the iconic ‘Maharaja’. 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, takes charge of Air India, Secretary, DIPAM stated.

Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kant Pandey said that the formalities have been completed and the Air India disinvestment transaction is closed.

The DIPAM Secretary said that Talace are the new owners as the entire Rs 2,700 crore has been recieved by the government. He further confirmed , ” We have transferred shares. Entire Rs 15,300 crore of debt which was to be retained ,has also been accepted .so all processes are completed”.

Ministry of Civil Aviation Secretary Rajiv Bansal said that Tata group will have to retain 12,000 employees.

Speaking to media after the official handover of Air India was complete ,Tata Sons Chairman N Chandrasekaran said , ” We are totally delighted that the process is complete and we are very happy to have Air india back into the Tata group .We look forward to working with everyone to create a world-class airline “.

Tata Group had won the bid to acquire the National Carrier along with Air India Express and 50 percent stake in AISATS in the october last year . Today the Tata Group officially took over the management of the national airlines .