Air India Disinvestment: The disinvestment of national carrier Air India will be done on January 27, top officials said on Monday, January 24. With this, the control of Air India will be back to the Tata Group, which won bids to acquire the company last year.
In a letter to its employees, Air India’s director of finance Vinod Hejmadi said that the closing balance sheet was provided on January 24, that is today, so that the Tata Group can review it and make necessary changes by Wednesday.
“Air India disinvestment has been decided to take place on January 27 2022. Closing balance sheet on January 20 is to be provided today, January 24 so that it can be reviewed by Tata & any changes can be made on Wednesday,” said Vinod Hejmadi, Director Finance, Air India in an email to employees, as per a tweet by news agency ANI.
Air India disinvestment has been decided to take place on Jan 27th 2022. Closing balance sheet on Jan 20 is to be provided today, Jan 24 so that it can be reviewed by Tata & any changes can be made on Wednesday: Vinod Hejmadi, Director Finance, Air India in an email to employees— ANI (@ANI) January 24, 2022
According to a report by the Economic Times, Hejmadi in his letter appreciated the employees for their work and sought support from them. ”
“The next three days will be hectic for our department and I request all of you to give your best in these last three four days before we get divested. We may have to work late in the night to complete the task given to us. I seek the cooperation of one and all,” he said in the letter.
According to a report by news agency PTI, officials had earlier in the days confirmed about the news, and said that Air India is likely to be handed over to the Tatas within this weekend.
After a competitive bidding process, the government had on October 8 last year sold Air India to Talace Private Limited — a subsidiary of the Tata group’s holding company — for Rs 18,000 crore. Officials said on Monday that the remaining formalities regarding this deal are expected to be completed in the next few days and the airline will be handed over to the Tata group by the end of this week, PTI said in its report.
As a part of the deal, the Tata group will also be handed over Air India Express and a 50 percent stake in ground handling arm Air India SATS. Tatas had on October 8 beat the Rs 15,100-crore offer by a consortium led by SpiceJet promoter Ajay Singh and the reserve price of Rs 12,906 crore set by the government for the sale of its 100 percent stake in the loss-making carrier.
(With PTI inputs)
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