The government will get ₹ 2,700 crore in cash from the divestment of Air India, DIPAM Secretary Tuhin Kunta Pandey said Friday, as he announced that Tata Sons had won the bid to acquire the embattled national carrier.
The Tata's winning bid is for ₹ 18,000 crore, for which they will get 100 per cent stake in Air India and a 50 per cent stake in its ground-handling company AISATS and Air India Express.
The transaction does not include non-core assets including land and building, valued at ₹ 14,718 crore, which are to be transferred to the government's holding company AIAHL.
Air India has a total debt of ₹ 61,562 crore, the government has said.
The Tatas will take on ₹ 15,300 crore of that amount, leaving ₹ 46,262 crore as the remaining amount, which will go to a SPV to isolate the company from current and future financial risk.
The Tatas have reacquired Air India 68 years after they ceded control of the airline to the government. Air India began life as Tata Air Services in 1932 when it was founded by JRD Tata.
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