NEW DELHI (Reuters) -India's Tata Group took control of state-run carrier Air India on Thursday, regaining ownership of the airline after nearly 70 years and marking a victory for Prime Minister Narendra Modi's privatisation push.
The government had in October last year, inked the share purchase agreement with the Tata Group for the sale of national carrier Air India for Rs 18,000 crore
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The government will hand over the control of debt-laden national carrier Air India to the Tata group on Friday
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The Indian government is likely to hand over Air India to the Tata Group on Thursday, nearly 69 years after it was taken from the conglomerate
The development comes two days before the handover of the airline to Tata group
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Some processes like lease novation for a few planes are pending as leasing firms, many of which are foreign banks, are working with reduced workforce due to the spread of Omicron
The government had on Oct 8 last year sold Air India to Talace Private Limited -- a subsidiary of the Tata Group's holding company -- for Rs 18,000 cr
The company had posted a consolidated profit after tax of Rs 27.81 crore in the corresponding quarter of the previous financial year
Investors sought premium after airline offered to prepay Rs 12,900 cr of bonds at par in Nov
the TCS Board had approved an upto Rs 18000 crore buyback offer entailing 4 crore shares at Rs 4,500 apiece
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As per reliable sources, the Tatas will be paying Rs 670 cr for two years of title sponsorship while Vivo will pay Rs 454 cr for termination of contract, which makes it a win-win situation for BCCI