New Delhi: As a successful start to Narendra Modi’s privatization program, Air India has finally returned to Tata today after 69 years. “We are very happy to have Air India back in the Tat group. We look forward to working with everyone in creating a world-class airline”, said N Chandrasekaran, Chairman of Tata Sons met PM Modi on Thursday ahead of the official handover.
Tata Group tweeted the picture of the meeting.
“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).
Economists believe that Air India’s shift to the Tata Group comes as brave corporation that need to be thanked. As nation heaves a sigh of fiscal relief, the Rs. 18,000 crore enterprise value deal includes its subsidiary Air India Express and Air India SATS Airport Services but excludes Air India’s Rs. 14,718 crores worth of non-performing assets. The competing bid came from a consortium bed by Ajay Singh for an enterprise value of Rs. 15,100 crore.