Tata Sons Chairman Likely To Meet PM Ahead Of Air India Handover: Sources

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Tata Sons Chairman Likely To Meet PM Ahead Of Air India Handover: Sources

In October final 12 months, the Centre had offered Air India to Tatas for Rs 18,000 crore.

New Delhi: Tata Sons Chairman N Chandrasekaran is prone to meet Prime Minister Narendra Modi on Thursday forward of the official handover of Air India, sources advised NDTV. The Air India Board is predicted to resign at the moment and Tata nominees might exchange the federal government members, they added.

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In October final 12 months, the federal government had offered Air India to Talace Private Limited — a subsidiary of the Tata group’s holding firm — for Rs 18,000 crore.

After that, a Letter of Intent (LoI) was issued to the Tata group confirming the federal government’s willingness to promote its 100 per cent stake within the airline. Then, the Centre had signed the share buy settlement (SPA) for this deal.

As part of the deal, the Tata group may also be handed over Air India Express and a 50 per cent stake in floor dealing with arm Air India SATS.

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Tatas had beat the Rs 15,100-crore supply by a consortium led by SpiceJet promoter Ajay Singh and the reserve value of Rs 12,906 crore set by the federal government for the sale of its 100 per cent stake within the loss-making service.

While this would be the first privatisation since 2003-04, Air India would be the third airline model within the Tatas’ secure — it holds a majority curiosity in AirAsia India and Vistara, a three way partnership with Singapore Airlines Ltd.

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Currently, Air India controls over 4,400 home and 1,800 worldwide touchdown and parking slots at home airports in addition to 900 slots overseas.

Tatas had arrange Tata Airlines in 1932, which was later — in 1946 — renamed as Air India. The authorities took management of the airline in 1953, however JRD Tata continued to be its chairman until 1977.

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