New Delhi: The Indian Competition Commission (CCI) on Monday approved the acquisition of share ownership in Air India by Talace Private Limited – a fully owned Sons Sons subsidiary.
The proposed combination imagines the acquisition of 100 percent equity stock capital of Indian Air Limited and Air India Express Limited (AIXL), and 50 percent of Indian Water equity shares SATS Personal Airport Service Limited (AISAT) by Talace Private Limited (Talace), Official Statement from CCI said.
Air India is fully owned by the Indian government.
However, after a lot of speculation, the Tata Group bought a sick operator.
In October, the government signed a share purchase agreement with the Sons Tata for Air India’s sales, along with a low-cost aircraft carrier Aisat Airuls, for RS 18,000 Crore.
The amount includes payment of RS 2,700 Crore Cash and takeover RS ​​15,300 Crore Operator Debt.
On August 31, Air India had a total debt of RS 61,562 Crore.
Of the total number, Talace will take more than Rs 15,300 Crore and the rest RS 46,262 Crore will be transferred to Aiahl.
As per the additional demands for grants, additional Rs 2,628 Crore will be given to loans and advances for Indian air to change advance payment from Indian contingencies.
(With input from the agency)