New Delhi: Takeover of Group Makers National Air India Loss Most likely to be postponed to January because the procedure settlement takes longer than expected, said an official on Monday.
In October, the government received the highest bid made by the Tata Sons company for 100 percent of Indian water equity shares and Air India Express along with 50 percent of its shares in the First Privatization of Aisats – Privatization in 20 years.
At that time, the government had stated that he wanted to complete the transaction, which included Tatas paying Rs 2,700 Cash Crore, at the end of December.
In accordance with the conditions at the spa, all handover formalities must be completed within 8 weeks, but this date can be extended by the buyer and seller and are being carried out in this case.
However, some regulatory agreements have not yet come for submission, and certain formalities have not been completed, officials, who want not to be named, told PTI.
“The process will be completed in January,” he said without giving a certain date.
On October 25, the government has signed a stock purchase agreement with Tata Sons for the sale of Indian National Water Carrier for RS 18,000 Crore.
Tata will pay Rs 2,700 Cash Cash and takeover taker Rs 15,300 Crore from airline debt.
Cash components will come so the submission process is complete, other officials explain.
Tatas beat Rs 15,100 Crore by a consortium led by Spicejet promoter Ajay Singh and RS 12,906 Crore price reserves set by the government for sales of 100 percent of its shares in making losses.
On August 31, Air India had a total debt of RS 61,562 Crore.
75 Percent of this debt or RS 46,262 Crore will be transferred to Aiahl Special Purpose Vehicles before submitting the airline to make a loss to the Tata Group.
Tatas will not be able to maintain non-core assets, such as Vant Vihar Air Indian housing colony, Indian air buildings in Nariman, Mumbai and Air Indian buildings in New Delhi.
Of the 141 Indian aircraft that will be obtained Tatas, 42 is a rented plane, while the remaining 99 is owned.
Although this will be the first privatization since 2003-04, Air India will be the third airline brand in stable tatas – it has a majority interest in AirAsia India and Vistara, a joint venture with airlines Air India Tata will provide access to a fleet of 117 body aircraft wide And narrow, and Air India Express Ltd 24 other narrow body planes besides 4,400 domestic control and 1,800 international landings, and parking slots at the domestic airport.
Air India began to suffer losses every year since the merger with Indian Airlines in 2007-08.
Turnaround plan (tap) and financial restructuring plan (FRP) was approved for Air India by the previous upa regime in 2012.
However, the tap was unsuccessful, and Air India continued to roll under the loss, with the government giving RS.
20 Crore per day to keep the airline survive.
Over the past decade, more than RS 1.10 lakh Crore was embedded in a way of cash support and loan guarantees in the massage massage to make it remain floating.