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'Excited' to have Air India back, says Chandrasekaran as Tata Group formally takes over airline

The Tata Group said in a statement it would like to "acknowledge Prime Minister Narendra Modi’s commitment to reforms and faith in India's entrepreneurship spirit, which made this historic transition possible".

January 27, 2022 / 06:38 PM IST
On October 25, the government had signed the share purchase agreement with Tata Sons for the sale of national carrier Air India for Rs 18,000 crore.

On October 25, the government had signed the share purchase agreement with Tata Sons for the sale of national carrier Air India for Rs 18,000 crore.

The Tata Group announced on January 27 that the transaction for the purchase of Air India from the Government of India is complete, and the Group has formally taken over the management and control of the airline starting today.

Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) said: “The strategic disinvestment transaction of Air India successfully concluded today with transfer of 100 percent shares of Air India to M/s Talace Pvt Ltd along with management control. A new Board, led by the Strategic Partner, takes charge of Air India.”

A statement released by the Tata Group read: “The transaction covers three entities – Air India, Air India Express, and AI SATS. While Air India is India’s flag carrier and premier full-service airline, Air India Express is a low-cost carrier and AI SATS provides a comprehensive suite of ground handling and cargo handling services.”

Check LIVE Updates on Tata takeover of Air India here