Air India will get a new board on Thursday as the airline sees a change. Government of India will formally transfer the reins of the airline Tata SonsWhich won the bid for the airline as part of the privatization process.
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“Air India will hold its last board meeting today. The official nominee of the board will resign and the new board will take over,” said a government official.
Earlier this week, the airline finalized its closing balance sheet and sent it to Tata for review.
With the transfer on Thursday, Tata will be in control of three airlines in the country and will have a total market share of around 27% in the aviation sector. The other airlines are Vistara in which Tata holds a 51% stake and Air Asia holds 84%.
In October last year, Tata Sons’ subsidiary, Tales Pvt. Ltd. emerged as the winning bidder for the debt-ridden national carrier after citing an enterprise value of ₹18,000 crore as part of the disinvestment process initiated by the government.
Tata will have 100% stake in Air India, 100% in its international low-cost arm Air India Express and 50% in ground handling joint venture, Air India SATS. In addition to 141 aircraft and slots, and access to a network of 173 destinations, including 55 international, Tata will also own iconic brands such as Air India, Indian Airlines and Maharaja.
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