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I feel very relieved; it has been a rollercoaster ride with legal challenges: DIPAM Secy on Air India sale

Elaborating on the legal challenges, DIPAM Secretary Tuhin Kanta Pandey said Dewas had emerged as one of the main hurdles for the Air India deal. Devas Multimedia, which had won more than $1.2 billion in international arbitration from India, had dubbed Air India the “alter ego” of the country and said that is liable for the sovereign’s debts.

January 27, 2022 / 05:47 PM IST
Tuhin Kanta Pandey, Secretary of the Department of Investment and Public Asset Management.

Tuhin Kanta Pandey, Secretary of the Department of Investment and Public Asset Management.

Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) said on January 27 that the Air India handover to the Tatas was rife with legal challenges and he is relieved that the process is now complete.

After the strategic disinvestment transaction of Air India successfully concluded today with the transfer of 100 percent shares of Air India to M/s Talace Pvt Ltd along with management control, Pandey said: “I feel very relieved today; it (Air India sale to Tata Group) has been a roller coaster ride with legal challenges. Quite relieved that Air India transaction stands closed.”

Elaborating on the legal challenges, he said Dewas had emerged as one of the main hurdles for the Air India deal. Devas Multimedia, which had won more than $1.2 billion in international arbitration from India, had dubbed Air India the “alter ego” of the country and said that is liable for the sovereign’s debts. It had even joined hands with Cairn Energy Plc to seize Air India Ltd’s assets abroad.

Check LIVE Updates on Tata takeover of Air India here