Digital Desk: The Indian government will likely officially hand over Air India to the Tata Group. This official handover will ensue after nearly 69years it was taken from the conglomerate, officials stated on Wednesday.
After decades and an ambitious biding, the Indian government had to sell Air India last October to the Tatas. The airline has been dealt with at a Tata Group's holding company subsidiary for ₹ 18,000 crores.
Vinod Hejmadi, Director Finance at Air India, penned an internal newsletter to employees, encouraging them to offer their best in the last three-four days before it calls divested.
"The next three days will be hectic for our department, and I request all of you to give your best in these last three to four days before we get divested. We may have to work late in the night to complete the task given to us," he added in the newsletter.
"I strive for the cooperation of one and all," the newsletter added.
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On October 25, last year, the Indian government signed the share purchase agreement (SPA) for sale. Senior officials approved today that the remaining formalities concerning this agreement will be finished in the next few days. The airline should be passed to the Tata group by the end of this week.
Moreover, the Tata group will even be given over Air India Express and a 50 percent stake in the ground operating arm Air India SATS as part of the agreement.
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