Watch: Ratan Tata shares special message for Air India passengers following takeover

New Delhi/Bhubaneswar: Ratan Tata, Chairman Emeritus of Tata Sons and Chairman of Tata Trust, on Wednesday shared a special message for Air India passengers following his company’s takeover of the iconic airline.

Air India took to social media platform Twitter to share an 18-second clip voiced by Ratan Tata himself.

“The Tata Group welcomes Air India’s new customers and is excited to work together to make Air India the airliner choice in terms of passenger comfort and service,” Ratan Tata said in the video.

#FlyAI: A warm welcome extended by Mr Ratan Tata, Chairman Emeritus, Tata Sons, Chairman Tata Trusts, to our passengers onboard Air India flights. pic.twitter.com/MkVXEyrj3J

— Air India (@airindiain) February 2, 2022

The Centre on January 27 handed over the management control of national carrier Air India to a subsidiary of Tata Sons.

With this, Air India’s strategic disinvestment was complete after the Centre received a consideration of Rs 2,700 crore from the ‘Strategic Partner’ — Talace — which is a wholly-owned subsidiary of Tata Sons.

Besides the upfront payment, Talace will retain a debt of Rs 15,300 crore.

Notably, the transaction covered three entities – Air India, Air India Express and AI SATS.

Last month, the Competition Commission of India had approved the acquisition of Air India, Air India Express and Air India SATS Airport Services by Talace.

The acquisition envisaged 100 per cent equity share capital of Air India and Air India Express, and 50 per cent for that of Air India SATS Airport Services by Talace.

The airline, along with AIXL, is primarily engaged in the business of providing domestic and international scheduled air passenger transport service, along with air cargo transport service.

Air India SATS Airport Services is engaged in the business of providing ground handling services at Delhi, Bengaluru, Hyderabad, Mangaluru and Thiruvananthapuram airports, and cargo handling services at Bengaluru airport.

Tata Sons’ subsidiary Talace had emerged as the highest bidder for the national carrier under the divestment process.

It had quoted an enterprise value of Rs 18,000 crore for 100 per cent equity shareholding of the Centre in Air India along with that of Air India Express and AISATS.

On its part, the Centre had stipulated a reserve price of Rs 12,906 crore.

(With IANS inputs)