Tata Sons Chairman N Chandrasekaran calls on Prime Minister Narendra Modi in New Delhi on January 27, 2022. (Photo/Twitter-@PMOIndia)
New Delhi: The Air India strategic disinvestment transaction was completed on January 27, 2022, with the Union Government receiving the consideration of Rs 2,700 crore from the Strategic Partner (M/s Talace Pvt Ltd, a wholly-owned subsidiary of M/s Tata Sons Pvt Ltd), retaining debt of Rs 15,300 crore in Air India and AIXL and transferring shares of Air India (100% shares of Air India and its subsidiary AIXL and 50% shares of AISATS) to the Strategic Partner, the Ministry of Finance said in a press release.
It added that following the Government’s approval of the highest price bid of M/s Talace Pvt Ltd for strategic disinvestment of Air India, the Letter of Intent was issued to the winning bidder on October 11, 2021. The Share Purchase Agreement (SPA) was signed on 25 October, 2021.
“Thereafter, Strategic Partner (M/s Talace Pvt Ltd), Air India and the Government worked towards satisfying a set of conditions precedent defined in the SPA including approvals from anti-trust bodies, regulators, lenders, third parties, etc. These conditions have since been met to mutual satisfaction,” the Ministry said.
Ahead of the handover, N Chandrasekaran, the Chairman of Tata Sons called on Prime Minister Narendra Modi in New Delhi.
The Prime Minister’s Office (PMO) tweeted: “Shri N Chandrasekaran, the Chairman of Tata Sons called on PM @narendramodi @TataCompanies”