The Competition Commission of India (CCI) has approved the Tata Group’s proposed acquisition of debt-ridden Air India and its two entities.
“CCI approved the acquisition of shareholding in Air India Limited, Air India Express Limited and Air India SATS Airport Services Private Limited. by Tales Pvt. Ltd.,” CCI said in a release on Monday.
The CCI’s approval for the ₹18,000-crore deal, in which Tales has taken a ₹15,300-crore loan, paves the way for the completion of the transaction and revival of the ailing carrier.
Tales Pvt. Ltd., a wholly owned subsidiary of Tata Sons, emerged as the winning bidder in October. It will buy 100% stake in Air India and Air India Express and 50% stake in Air India SATS (AISATS).
AISATS provides ground handling services at Delhi, Bengaluru, Hyderabad, Mangalore and Thiruvananthapuram airports. It also provides cargo handling services at Bengaluru airport.
State-owned Air India is incurring a monthly loss of over ₹600 crore.
Civil Aviation Minister Jyotiraditya Scindia on December 14 said Air India’s transaction was a “win-win situation” across the board and taxpayers’ money will now be used for many more socially productive purposes, not deeper to make up for the loss. airline.
Mr. Scindia had said, “At the turn of the new year, I am sure you will have the transfer of Air India to its new owner.”
,with PTI input,
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