Air India will become a Tata-owned company this week as the government has decided to hand over the company to the Tata Group on January 27, 2021.
According to an email from Vinod Hejmadi, Director Finance, Air India to employees the closing balance sheet on January 20 was given to the Tata Group on the January 24, allowing them time to review it.
Seeking support from employees, he said, all of them have done an excellent job till now in providing all support for the disinvestment exercise.
On October 8, the government had announced that Talace Private Limited — a wholly-owned subsidiary of Tata group’s holding company Tata Sons — had won the bid to acquire the debt-laden airline. The Tata Group had won the bid to buy 100 per cent stake in Air India along with AI Express and 50 per cent stake in ground handling company AISATS.
Post the handover, the Tata Group is likely to operate three airlines – Air India, Air India Express and Vistara – after the government transfers the airline to the group and upon merger of AirAsia India and AI Express.