The disinvestment plan of the government finally got a shot in the arm as the process of the disinvestment of national carrier Air India finally got completed
Tata son's Special Purpose Vehicle (SPV) Talace Pvt. ltd emerged as the winning bidder as it bagged the deal for 18,000 crores, said DIPAM Secretary Tuhin Kanta Pandey
Air India was started by JRD Tata in 1932 as Tata Air Service however it was later acquired by the government. In 1960 it became the first Asian airline to fly to New York
Air India has a debt of over 70,000 crores and the government loses 20 crores each day
Air India has a total debt of ₹ 61,562 crores, out of that ₹ 15,300 will be taken over by the bidder, Mr. Pandey stated. So, ₹ 46,262 crores will be transferred to Air India Assets Holding Limited (AIAHL), he added. AIAHL is an SPV formed by the government.
Tata group will not retrench any employee for one year post which if retrenched it will have to offer Voluntary Retirement Scheme (VRS)
Tata group has now a 100 percent stake in Air India and its subsidiary Air India Express and a 50 percent stake in ground handling company AISATS.
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