The Appointments Committee of the Cabinet, on April 14, approved senior IAS officer Vikram Dev Dutt's appointment as the Chairman and Managing Director (CMD) of Air India Asset Holding (AIAHL), with effect from 27th January 2022, in the rank and pay of Additional Secretary to the Government of India.
Prior to this, Dutt was in-charge of Air India as a CMD till the airline was handed over to the Tata Group.
Air India Asset Holding (AIAHL) was set up in 2019 by the government for holding debt and non-core assets of the Air India group.
The government had on October 8, 2021 announced that the Tata Group won the bid to acquire Air India for Rs 18,000 crore.
Air India asset transfer agreement with AIAHL for AI handover to Tata Group
The government, as a precursor to the handover process, had notified the agreement between Air India and special purpose vehicle AIAHL for the transfer of non-core assets, ahead of the national airline's takeover by the Tata Group.
Through the government notified Air India asset transfer agreement with AIAHL, Air India was handed over to Tata Group on January 27.
In October 2021, the government of India inked the share purchase agreement with the Tata Group for the sale of national carrier Air India for Rs 18,000 crore.
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According to the Air Indi-AIAHL deal, Tatas were required to pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline’s debt. As on August 31, 2021, Air India had a total debt of Rs 61,562 crore. Also, 75 percent of this debt or Rs 46,262 crore was to be transferred to AIAHL before handing over the airline to Tata Group.
Besides, non-core assets of Air India, including land and building, valued at Rs 14,718 crore had also been transferred to AIAHL. According to the agreement, Tatas would not get to retain non-core assets, such as the Vasant Vihar Housing colony of Air India, Air India Building at Nariman Point, Mumbai, and Air India Building in New Delhi.
Dutt, a 1993-batch IAS officer of the AGMUT (Arunachal Pradesh, Goa, Mizoram and Union Territory) cadre, had earlier served as principal secretary for Finance in the government of Andaman and Nicobar Islands, the secretary of tourism in the government of Goa, the managing director of India Tourism Development Corporation, principal secretary for the Health and Family Welfare Department of the Delhi government in June 2020, and as principal secretary of the Services department in March 2021.
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