New Delhi, Oct 9,2021: Tata group has won the bid to acquire flag carrier Air India adding another airline brand in its hangar with the other two being Vistara and Air Asia India.
“Talace Pvt Ltd, a wholly owned subsidiary of Tata Sons Pvt Ltd, has emerged as a successful bidder for the sale of equity shareholding of GoI (Government of India) in Air India, in AIXL which is a subsidiary of Air India as a part of this transaction and 50 per cent of Air India in AISATS which is another joint venture of Air India along with management control,” Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) announced on Friday.
Union Home Minister Amit Shah-led Ministerial panel has approved the winning-bid.
The government had in January 2020 invited Expression of Interest (EoI) from private parties for selling 100 per cent stake in Air India along with its subsidiary Air India Express (AIXL) and 50 per cent stake in the carrier’s ground-handling JV Air India SATS (AISATS).
Pandey said that Talace Pvt Ltd quoted an enterprise value of Rs 18,000 crore to acquire the airline.
The successful bidder will retain Rs 15,300 crore of Air India’s debt and pay Rs 2,700 crore cash to the government.
