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On January 27, 2022, the Union government transferred its shares in Air India to Tata Sons subsidiary, Talace.
Government’s disinvestment target
Government has set a total disinvestment target of Rs 1.75 lakh crore for financial year 2021-2022.
Amount paid by Tata Sons
Tata Sons have paid Rs 2,700 crore in cash for Air India, along with taking on a debt of Rs 15,300 crore. Balance debt of Rs 62,057 crore has been absorbed by government. Some non-core assets of the airline, with value of Rs 14,718 crore will also remain with the government.
What will Tata get?
Tata will get Air India’s fleet of 141 planes. It will also get ownership of iconic Brands such as Indian Airlines, Air India, and the Maharajah. Around 13,500 permanent and contractual employees will also move to Tata and they will remain there at least for one year.
Airlines owned by Tata
Tata Group owns three airlines. In Vistara, tata has 51% stake while in AirAsia India, it has 84% stake. These three airlines together account for 24% of the market share in aviation sector.
History of disinvestment of Air India
Union Cabinet gave in principle nod for disinvestment of Air India, in June 2017. In 2018, government invited bids for a 76% stake in the airline. However, it failed to attract any buyers. In January 2020, government launched a fresh effort to offer sell of its 100% stake in Air India. In 2000-2001, Atal Bihari Vajpayee Government also attempted to sell 40% stake in Air India, but the attempt had failed.
About Air India
Air India was founded in 1932. The inaugural flight was piloted by JRD Tata, between Karachi and Bombay. It was then known as Tata Airlines. In the year 1948, government acquired a 49% stake in it. The airline was nationalised in 1953.
By: Brijesh Kumar ProfileResourcesReport error
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