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January 27, 2022 / 10:35 PM IST

Tata officially completes takeover of Air India — As it happened

Tata takes over Air India Highlights |"We are very happy to have Air India back in the Tata group. We look forward to working with everyone in creating a world class airline," Tata Sons Chairman N Chandrasekaran said.

Tata takes over Air India Highlights | "The formalities have been completed. The Air India disinvestment process is closed. The shares have been transferred to Talace Pvt Ltd, which is the new owner of Air India," said Tuhin Kant Pandey, Secretary, Department of Investment & Public Asset Management (DIPAM).

The government had in October last year, inked the share purchase agreement with the Tata Group for the sale of national carrier Air India for Rs 18,000 crore.

The

Tata Group is expected to take full control of the airline, it founded in 1932, on Thursday. The cash component of the deal would come once the handover process is completed.

The Tata Group would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline’s debt. The deal also includes sale of Air India Express and ground handling arm AISATS.

The transaction was to be completed by December 2021, but the deadline was later extended till January 2022, owing to longer-than-expected time taken to complete procedural work.

This will mark the return of Air India to the Tata fold after 67 years. The Tata Group had founded Air India as Tata Airlines in October 1932. The government nationalised the airline in 1953.

  • Tata officially completes takeover of Air India — As it happened
    Tata Sons Chairman N Chandrasekaran meets PM Nerandra Modi.
    Moneycontrol.com
    HIGHLIGHTS
    • 06:12 PM IST

      Golden age of Air India lies ahead, Tata Sons chairman in letter to airline's employees

    • 05:17 PM IST

      Air India's non-core asset monetisation plan will be prepared, can't give a timeline: DIPAM Secretary

    • 05:04 PM IST

      Quite relieved that Air India transaction stands closed

    • 03:58 PM IST

      New board takes charge of Air India

    • 03:50 PM IST

      Divestment of Air India a truly defining moment: Aviation Secretary

    • 03:42 PM IST

      Air India takeover complete: Tata Sons chairman

    • 03:37 PM IST

      Tata Sons Chairman N Chandrasekaran meets PM Nerandra Modi

    • 03:10 PM IST

      Tatas to focus on improving Air India On-Time-Performance

    • 02:49 PM IST

      Tata Sons Chairman N Chandrasekaran meets PM Nerandra Modi

    • 02:31 PM IST

      Air India CMD greets Tata Sons Chairman N Chandrasekaran

    • 02:29 PM IST

      Former Aviation secretary Pradeep Singh Kharola arrives at Airlines House in Delhi

    • 02:28 PM IST

      DIPAM Secretary Tuhin Kanta Pandey arrives at Air India HQ Airlines House in Delhi

    • 02:27 PM IST

      Tata Sons chairman N Chandrasekaran arrives at Air India headquarters

    • 02:11 PM IST

      Pilots want October 15 declared National Aviation Day to honour JRD Tata's first flight

    • 01:51 PM IST

      Tatas gets loan commitment from SBI-led consortium for Air India

    • 01:11 PM IST

      Tata Group officials to meet Air India, Finance Ministry and Civil Aviation Ministry officials at 2:30 pm 

    • 12:50 PM IST

      Captain Gopinath: Why are the Tatas so crazy about Air India?

    • 12:40 PM IST

      Govt notifies Air India asset transfer agreement with AIAHL; stage set for Air India handover to Tata Group

    • 12:32 PM IST

      Tata Group will be the king of Delhi after Air India win

    • 12:20 PM IST

      Tata Group's blueprint to revamp Air India

    • 12:10 PM IST

      First challenge for Tata after Air India take-over: Schedule integration across 4 airlines

    • 12:00 PM IST

      The Tatas should be as resolute running Air India as the government was in selling it

    • 11:48 AM IST

      Can the combined Tata power take on IndiGo?

    • 11:35 AM IST

      Sure, Air India has losses, but its long list of assets is impressive too

    • 11:22 AM IST

      Air India Express-Air Asia India merger will likely to take place next week, according to the CNBC-TV18

    • 11:20 AM IST

      Air India to conduct pre-flight checks of cabin crew's grooming, BMI; staff term order 'dehumanising'

    • 11:07 AM IST

      Tata Sons Chairman N Chandrasekaran meets PM Modi today ahead of Air India handover

    • 10:55 AM IST

      Air India to be officially handed over to Tata Group today, Chairman N Chandrasekaran in Delhi

    • 10:40 AM IST

      Air India under Tatas could be ‘big game-changer’ for Indian aviation

    • 10:25 AM IST

      Govt appoints Vikram Dev Dutt as Chairman, MD of Air India Limited

    • 10:12 AM IST

      Tata Sons Chairman N Chandra to meet PM Modi shortly; meeting ahead of the Govt handover of Air India

    • 10:06 AM IST

      Air India disinvestment to take place today

    • 09:58 AM IST

      'JRD Tata would've been overjoyed': Ratan Tata's emotional note on Tatas winning Air India bid

    • 09:39 AM IST

      Tatas take first step in Air India, to introduce enhanced meal service' in 4 flights today

    • 09:37 AM IST

      Senior VP Nipun Aggarwal, CFO Saurabh Agrawal, group Corporate Secy Suprakash Mukhopadhyay may join A-I board

    • 09:36 AM IST

      Air India board directors will step down, and executives of Tata group will take charge of the airline

    • 09:32 AM IST

      Government sold Air India to Talace Private Limited - a subsidiary of the Tata Group on October 8 

    • 09:28 AM IST

      Tata Group likely to take over Air India today 

  • January 27, 2022 / 08:58 PM IST

    The live blog session has concluded. For more news, views and updates, stay tuned with Moneycontrol.com.

  • ADVERTISEMENT
  • January 27, 2022 / 07:39 PM IST

    Tata takes over Air India LIVE Updates | Tata to focus on bringing down operational costs

    Tata Sons Chairman N Chandrasekaran after taking over Air India from the government said that he was delighted that Air India’s takeover process is complete. He added the group will focus on bringing down operational costs of Air India and improving the performance of the airline in their bid towards creating a world-class airline. Read full report.

  • January 27, 2022 / 06:19 PM IST

    Tata takes over Air India LIVE Updates | Tata Sons Chairman N Chandrasekaran meets Finance Minister Nirmala Sitharaman shortly after the take over of Air India was formally completed.

      Tata takes over Air India LIVE Updates |  Tata Sons Chairman N Chandrasekaran meets Finance Minister Nirmala Sitharaman shortly after the take over of Air India was formally completed.
  • ADVERTISEMENT
  • January 27, 2022 / 06:17 PM IST

    Read full text of Tata Sons Chairman N Chandrasekaran's letter to Air India employees

    I like many others, have enjoyed reflecting on stories from the airline's brilliant past. My first
    flight was with Air India in December 1986, and I will never forget how special it felt to be
    onboard, or the exhilaration as we soared into the sky.

    Such memories are wonderful, but now is the time to look ahead. Today is the beginning of a
    new chapter. The entire nation’s eyes are on us, waiting to see what we will achieve together.
    To build the airline our country needs, we need to look to the future.

    I write this letter on behalf of the Tata Group, to welcome you to our family. Our Group has its
    own storied past. I have learned that to preserve what is best about the past, requires
    constant change. It is by evolving, adapting and embracing the future that we best honour a
    glorious history.

    I am convinced that the golden age of Air India lies ahead. Our journey towards it starts now.

    Welcome. And welcome back.

    Warmest regards,
    Chandra

  • January 27, 2022 / 06:12 PM IST

     Tata takes over Air India LIVE Updates | Golden age of Air India lies ahead, Tata Sons chairman in letter to airline's employees

    "I am convinced that the golden age of Air India lies ahead. Our journey towards it starts now. Welcome. And welcome back," Tata Sons Chairman N Chandrasekaran said in a letter to the Air India employees.

  • January 27, 2022 / 05:17 PM IST

     Tata takes over Air India LIVE Updates | Air India's non-core asset monetisation plan will be prepared, can't give a timeline: DIPAM Secretary

    A plan for the monetisation of Air India's non-core assets is being prepared, DIPAM Secretary TK Pandey said. "At this moment, while settling such a complex transaction, can’t give a timeline for monetisation of non core assets," he added.

  • January 27, 2022 / 05:10 PM IST

    Tata takes over Air India LIVE Updates | Four existing directors continue on Air India board: DIPAM Secretary

    Four existing directors of Air India will continue to remain part of the airline's rejigged board, following the takeover by Tatas, DIPAM Secretary said.

  • ADVERTISEMENT
  • January 27, 2022 / 05:08 PM IST

    Tata takes over Air India LIVE Updates | Dewas was one of the legal challenges for Air India deal: DIPAM Secretary

    DIPAM Secretary TK Pandey told Moneycontrol that Dewas was "one of the legal challenges for the Air India deal".

  • January 27, 2022 / 05:04 PM IST

     Tata takes over Air India LIVE Updates | "I feel very relieved today. It has been a roller coaster ride with legal challenges," Tuhin Kant Pandey, Secretary, Department of Investment & Public Asset Management (DIPAM), said in an exclusive conversation with Moneycontrol.