The Government of India notified the agreement between Air India and special purpose vehicle Air India Assets Holding Limited (AIAHL) for the transfer of non-core assets, ahead of the national airline’s takeover by the Tata Group. The government in October 2021, had penned the share purchase agreement with the Tata Group for the sale of the national carrier Air India for Rs 18,000 crore.
The Tata Group is ancipated to take full command of the airline, which was founded in 1932. The Tata Group is expected to pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline’s debt. The deal also includes sale of Air India Express and ground handling arm AISATS. The deal was to be completed by December 2021, but the target date was extended till January 2022.
This will mark the return of Air India to the Tata after 67 years. The Tata Group had founded Air India as Tata Airlines in October 1932. The Indian government nationalised the airline in 1953.
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