Air India to be handed over to Tata Group: Air India to be handed over to Tata Group on Thursday


#NewDelhi: On Thursday, the day after the Republic Day, the management of Air India (AIR India) will be officially handed over to the Tata Group. However, Air India has already gone to Tata for Rs 16,000 crore.

However, even though the Air India flight has been taken over by the Tata group, the assets outside the core assets remain outside the transaction. It includes land and buildings, the current value of which is Rs 14,617 crore. Property outside the core assets will go to the government agency AIHL or Air India Asset Holding Limited. In December 2020, the central government invited tenders for the sale of Air India.

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Air India’s total debt at the moment is more than 60 thousand crore. The daily cost of running this airline is 20 crore rupees. From 2009-10, Air India poured Rs 54,584 crore as central government and Rs 55,792 crore as guarantee support for the airline. In other words, the total investment of the central government in Air India during this period is 1 lakh 10 thousand 26 crore. As of August 31, the total debt of Air India is Rs 61,582 crore. Of this, the Tata group will pay 15,300 crore rupees. The remaining loan of Tk 48,282 crore will go to Special Purpose Vehicle or SPV.

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It is to be noted that the full management of the airline will be handed over to them by January. An airline official said the closing balance sheet needed to be finalized quickly – a message sent to staff. The balance sheet will then be sent to the Tata Group. The balance sheet will be finalized after they are reviewed and returned, and the management of the airline will be handed over to them.

Published by:Arpita Roy Chowdhury

First published:

Tags: Air India, Tata Group, Tata Sons



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