'Welcome back!', says Tata Sons Chairman N Chandrasekaran to Air India employees

Jan 27, 2022 5:15 PM

Jan 27, 2022 5:14 PM

DIPAM secretary: The government has infused over Rs 1 lakh crore into Air India; this was all taxpayers' money. We have actually discussed with the Tatas that Air India represents india in many ways; it is an important oroganisation and needs to be nurtured with regards to service connectivity and capital infusion.

Jan 27, 2022 5:13 PM

DIPAM secretary: We need to have institutional capacity and learning for strategic sales. There has been a fair amount of inter-ministerial learning through the Air India deal. We need to take private advisers' recommendations for complex transactions with the bidders' interests at the centre. One can’t have a one-size-fits-all approach with respect to employee issues in privatisation deals. Employment and growth potential is better discovered after privatisation. Employees' interests will be served with sustainable organisations.

Jan 27, 2022 5:02 PM

DIPAM secretary: The matter is squarely with the new acquirer. There are no conditions attached.

Jan 27, 2022 4:57 PM

DIPAM secretary on Air India deal: At this moment, while settling such a complex transaction, we can’t give a timeline for the monetisation of non-core assets.

Jan 27, 2022 4:57 PM

DIPAM secretary on Air India deal: A plan to monetise Air India's non-core assets will be prepared; certain monetisation will take place after AIHL gets the land--the SPV will take care of this.

Jan 27, 2022 4:56 PM

DIPAM secretary on AIr India deal: The final balance sheet has been prepared with non-core assets to be moved; broadly, the debt to be taken over by the special purpose vehicle has been repaid by the holding company. Around Rs 15,300 crore of debt, which was to be retained, is being retained.

Jan 27, 2022 4:54 PM

Largely the Air India debt has been settled on supplementary funds: DIPAM secretary

This includes the government guarantees, non-convertible debentures and excess current liabilities with respect to oil companies and suppliers.

Jan 27, 2022 4:53 PM

DIPAM Secretary Tuhin Kanta Pandey 'relieved' as Air India transfer complete

"I feel very relieved today; it has been a roller coaster ride with legal challenges. I'm quite relieved that the deal stands closed. Devas was one of the legal challenges for the Air India deal. There is a peculiarity with respect to debt that must be retained,' DIPAM Secretary Tuhin Kanta Pandey said exclusively to CNBC-TV18, adding, "The new Air India board has already met; 4 existing directors will continue on the board."

Jan 27, 2022 4:51 PM

Air India signals optimism as it begins new chapter

Jan 27, 2022 4:41 PM

Air India officially handed over to Tata Group

The Central government on Thursday officially handed over Air India to Tata Group. Tata Sons chairman N Chandrasekharan said the group is very happy to have Air India back in its fold.

Jan 27, 2022 4:35 PM

The Tatas welcome Maharaja back home

Jan 27, 2022 4:26 PM

Air India on Twitter: Air India Limited, Air India Express & AISATS (AI stake) have become part of the Tata Group today

Jan 27, 2022 4:26 PM

Statement: Tata Group onboards Air India

Formal handover by Government of India following all requisite approvals

The Tata Group today announced the completion of the transaction for the purchase of Air India from the Government of India. The Tata Group takes over management and control of the airline, starting today.

The transaction covers three entities – Air India, Air India Express and AI SATS. Air India is India’s flag carrier and premier full-service airline. Air India Express is a low-cost carrier. AI SATS provides a comprehensive suite of ground handling and cargo handling services.

On this occasion, Mr. N. Chandrasekaran, Chairman, Tata Sons Pvt. Ltd. said – “We are excited to have Air India back in the Tata Group and are committed to making this a world-class airline. I warmly welcome all the employees of Air India, to our Group, and look forward to working together.”

Mr. Ratan N. Tata joined Mr. N Chandrasekaran in expressing his thankful recognition to the Government of India and its various departments for the successful completion of this important transaction.

The Tata Group would like to acknowledge Prime Minister Shri Narendra Modi's commitment to reforms and faith in India's entrepreneurship spirit, which made this historic transition possible. Our Prime Minister has in action demonstrated what his commitment to 'Minimum Government, Maximum Governance' means.

We philosophically agree with the Prime Minister's vision for the aviation sector, of making it affordable and ensuring it contributes to boosting 'Ease of Living' for citizens.

Jan 27, 2022 4:14 PM

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