The Process of Air India hand-over to Tata Sons may take another month
Air India, which has been put up for Auction as it is suffering losses, may take another month to hand over to the Tata Group. The entire procedure is expected to be completed by the end of January 2022. Tata Sons won the auction in October and will take over.
As part of the first privatisation in 20 years, Air India will acquire a 100 per cent stake in the ground handling company AISATS along with a 100 percent equity stake. At the time the government said it would complete the transactions by the end of December. That includes Rs 2,700 crore from Tatas.
On October 25, the government signed an agreement with Tata Sons who Bought Air India for Rs.18,000 crore. Rs. 2,700 crores to be paid in cash. Tata still owes Rs 15,300 crore to the airline.