Air India disinvestment to happen on January 27: Top AI official

Air India's Director, Finance, Vinod Hejmadi, in a letter to employees on Monday, said that Air India's disinvestment will take place on Thursday, January 27. Following the disinvestment, the control of the national carrier will be handed over to Tata Group, which had won bids to acquire the airline last year. In a letter to employees, Hejmadi said that closing sheeting was provided on Monday so that the Tata Group can review it and make any changes by Wednesday.

Air India disinvestment on Jan 27

"Air India disinvestment has been decided to take place on Jan 27th 2022. The 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," Air India's Director Finance said, according to news agency ANI.

Senior government officials speaking to PTI on Monday said that the remaining formalities regarding the deal will be completed in the next few days and Air India will be handed over to the Tata group by this weekend. In October 2021, the Tata group had won the bid to acquire Air India for Rs 18,000 crore. Tata Sons, which initially launched Air India in 1932, had placed a bid under its wholly-owned subsidiary Talance Pvt Ltd for Rs 18,000 crore.

Talance Pvt Ltd was up against SpiceJet Chairman and Managing Director Ajay Singh led consortium who had bid for Rs 15,110 crore. As of August 31, 2021, the national carrier's total debt was Rs 61,562 crore. According to DIPAM Secretary Tuhin Kanta Pandey, the debt of the airline taken over Talance is Rs 15,000 while the remaining dept will go to Air India Asset Holding limited.  Under the divestment terms, Tata Sons will keep Rs 15,300 crore debt and pay Rs 2,700 crore to the Centre of the total Rs 18,000 crore price.