In a press conference on October 8, Tuhin Kanta, Secretary, Department of Investment and Public Asset Management (DIPAM) had announced that Tata Sons-led Tata Group had won the bid to acquire the national carrier in the Air India disinvestment case. The news was described as a ‘historic moment’ by Group chairman N Chandrasekaran in a statement released shortly after.
The DIPAM Secretary had disclosed on Friday that Tata-owned Talace Pvt. Ltd’s final bid of Rs. 18,000 crore had emerged victorious over Ajay Singh-led consortium whose final bid for the carrier had been revealed to be Rs. 15,100 crores.
Following the announcement, N Chandrasekaran expressed his delight over the Tata Group’s success in acquiring Air India, stating that it would be a rare privilege for the group to own and operate the country’s flag bearer airline. He further added that Tata would endeavour to deliver a world-class airline to make every Indian proud.
Moreover, he took the opportunity to commemorate and pay his tribute to J.R.D Tata, the founder and former Chairman of Air India, the first Indian airline, under whom the carrier had been nationalised by the Indian government in 1953. He is knowns as the pioneer of Indian aviation
The transaction, which is scheduled to conclude in December 2021, will give Talace Private Limited a 100 per cent stake in Air India and its subsidiary Air India Express. Talace Pvt. Ltd will also be acquiring a 50 per cent stake in its ground handling company Air India SATS Airport Service Private Limited (AISATS). The conglomerate will be acquiring the national airline 68 years after giving up its control to the government.