A day after the completion of the Air India transfer to the Tata Group, Union Civil Aviation Minister Jyotiraditya Scindia on Monday, 28 January, hailed the divestment as a 'win-win situation' for all stakeholders.
"I think it is a win-win situation for all stakeholders concerned, for government and for Tata Group. This transaction represents a huge quantum jump in terms of capabilities in the Civil Aviation sector," he stated, news agency ANI reported.
The hitherto state-run airline was handed over to its old owners, the Tata Group, on Thursday – nearly 69 years after it was nationalised.
In October 2021, the Tata Group had won the ownership of the debt-ridden national carrier at a bid of Rs 18,000 crore.
"It represents culmination of a long process that took almost 20 yrs to conclude. It also sets in perspective a 69-year-old history which was started on wrong step by nationalisation of an airline that actually belonged to private sector, it's going back to private sector," the civil aviation minister said on Thursday.
"A carrier that had a running loss of Rs 85,000 crore over last 14 yrs, was earning losses of almost Rs 20 crore a day, that money can be used much more for areas that require social development...," he was quoted as saying by ANI.
'Homecoming': Air India Handed Over to Tata Group
"Welcome. Welcome back," wrote Tata Sons chairman, N Chandrasekaran, in a letter addressed to Air India employees on Thursday, after the official takeover of the airlines by the Tata Group.
The letter to the 'Air India family' said: "From the day of the announcement, one word has been on everyone's lips: homecoming."
Notably, business tycoon JRD Tata had founded the airline and had piloted the first flight in 1932.
Calling the takeover "the beginning of a new chapter," Chandrasekaran said in the letter that the company would focus on the future to "build the airline our country needs."
"The strategic disinvestment transaction of Air India successfully concluded today with transfer of 100 percent shares of Air India to Talace Pvt Ltd along with management control. A new Board, led by the Strategic Partner, takes charge of Air India," Department of Investment and Public Asset Management (DIPAM) Tuhin Kant Pandey was quoted as saying by ANI on Thursday.
(With inputs from ANI)
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