Air India sale to Tatas: 'Maharaja' will retain its Indian symbol, says MP KTS Tulsi

AgenciesUpdated: Saturday, October 09, 2021, 04:38 PM IST
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Talace Pvt Ltd, a wholly-owned subsidiary of Tata Sons, won the bid for acquiring Air India on Friday/ Representational image |

Reacting to Tata Sons winning the bid to acquire Air India on Friday, Congress MP KTS Tulsi said today that he is glad that the "Maharaja" (Air India) will continue to be an Indian symbol.

"Aviation started with Tata's and now Air India, the "maharaja" is going back to them. We are glad that the Maharaja will continue to the Indian symbol," Tulsi said. He further said that the terms of the deal are fair, "They have agreed to pay Rs 1800 crore to acquire Air India; out of which 15 per cent will go to the government of India and the rest will be utilised for clearing debt."

Talace Pvt Ltd, a wholly-owned subsidiary of Tata Sons, won the bid for acquiring Air India, marking the end of the process to privatise the national carrier with the government approving its disinvestment.

The CCEA-approved Air India Specific Alternative Mechanism (AISAM) approved the highest price bid of Talace Pvt Ltd for the sale of 100 per cent equity shareholding of the Government of India in Air India along with equity shareholding of Air India in AIXL and AISATS.

The winning bid is for Rs 18,000 crore as Enterprise Value (EV) consideration for AI (100 per cent shares of AI along with AI's shareholding in AIXL and AISATS). The transaction does not include non-core assets including land and building, valued at Rs 14,718 crore, which are to be transferred to GoI's Air India Asset Holding Limited (AIAHL).

AISAM included Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Commerce and Industry Minister Piyush Goyal and Civil Aviation Minister Jyotiraditya Scindia.

(With inputs from ANI)

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