26.5 C
Sunday, December 4, 2022

Popular Articles

Tata takes over Air India airline

Last October, the government signed a share purchase deal with the Tata Group to sell national carrier Air India for Rs 18,000 crore. Today, the Tata Group is set to gain full ownership of the airline, which was formed in 1932. Once the handover procedure is finished, the monetary portion of the agreement will be finalized. The agreement between Air India and special-purpose company AIAHL for the transfer of non-core assets has been notified by the government, ahead of the Tata Group’s purchase of the national carrier.

- Advertisement -

The Tata Group would pay Rs 2,700 crore in cash and cover the airline’s debt of Rs 15,300 crore. The agreement also involves the sale of Air India Express and AISATS, the company’s ground handling subsidiary. The deal was supposed to be completed by December 2021, but it was later postponed until January 2022 due to longer-than-expected administrative processes. After 67 years, Air India will be welcomed back into the Tata family. In October 1932, the Tata Group established Air India as Tata Airlines. The airline was nationalized by the government in 1953.

- Advertisement -


Please enter your comment!
Please enter your name here


Recent Articles

Progressive inclusivity and accessibility are the mantras at MIA

Mangaluru: Airports, as public spaces, create an equally accessible space for all concerned. Meeting this need head-on is Mangaluru International Airport (MIA). Recognising the...

Toll collection at Surathkal will completely stop from Dec 1 – DC

Ravikumar M. R., the deputy commissioner (DC) of Dakshina Kannada, said that the Surathkal toll gate will no longer accept payments at all starting...

First trial of the retail digital rupee (e₹-R): EXPLAINED

Detailed info. about the Electronic Rand and its functions: In a move that would be a quantum leap forward, the Reserve Bank of India,...