Air India strategic disinvestment is complete, says Government
New Delhi: The Air India strategic disinvestment transaction was completed today with Government receiving a consideration of Rs 2,700 crore from the Strategic Partner (Talace Pvt. Ltd, a wholly owned subsidiary of Tata Sons Pvt. Ltd), retaining debt of Rs 15,300 crore in Air India and AIXL and transferring shares of Air India (100% shares of Air India and its subsidiary AIXL and 50% shares of AISATS) to the Strategic Partner.
Also read: CCI approves acquisition of shareholding in Air India by Talace
It is pertinent to mention that following Government’s approval of the highest price bid of Talace Pvt. Ltd. for strategic disinvestment of Air India, the Letter of Intent was issued to the winning bidder on October 11, 2021. The Share Purchase Agreement (SPA) was signed on October 25, 2021. Thereafter, Strategic Partner (Talace Pvt Ltd), Air India and the Government worked towards satisfying a set of conditions precedent defined in the Special power of Attorney (SPA) including approvals from anti-trust bodies, regulators, lenders, third parties, etc. These conditions have since been met to mutual satisfaction, the Ministry of Finance stated here today.
-global bihari bureau