Air India is likely to be handed over to Tata Group on January 27
New Delhi:
Air India is likely to be transferred to Tata Group by the end of this week as the government has decided to complete the divestment process by January 27, a senior official said.
“Air India’s cancellation of investment is now decided on 27 January. The balance sheet on 20 January must be made available today (24 January) for Tatas to review and any changes. Changes can be made on Wednesday (January 25), “Vinod Hejmadi, chief financial officer, Air India, said in an email to staff.
“We have done an outstanding job so far in providing any support for the divestment. The next three days will be very busy for our department and I ask all of you to do our best for the last three or four days before we divest.” Mr. Hejmadi said.
Seeking the cooperation of employees, he said, “We may have to work late to complete the tasks assigned to us. I seek everyone’s cooperation.”
A senior Air India official said, “If for some reason the date of January 27 is postponed, then the divestment process must be done until the end of the month.”
Talace Pvt Ltd, a wholly owned subsidiary of Tata Sons Pvt Ltd, last year won the bid to acquire 100% of Government of India share capital in Air India along with Air India shares in AIXL and Air India SATS Airport Services Private Limited (AISATS).
