Wednesday, December 29, 2021

Foreign regulators' nod, balance sheet holding up Air India transfer

The government's plans to transfer Air India to its new owners, the Tata Group, has been delayed to January 31 or beyond owing to delays in finalisation of its balance sheet and approvals from international regulators, some officials told ET.

"A number of conditions that are required for the transfer of the airline company have been fulfilled and some of them are pending... The process to get those approvals is on and the transfer should happen before the end of next month (January 2022)," Department of Investment and Public Asset Management secretary Tuhin Kanta Pandey said.

Another official said that while the Competition Commission of India (CCI) has given its nod, since Air India is a global airline the deal also requires approval from international regulators. "Many of them are in the final stages and expectations are that they should come soon."

Air India's balance sheet should be finalised by the middle of next month, said the person who requested not to be identified.

The handover was to be done by December end as per the Letter of Intent (LoI) issued to Tata Group confirming the government's willingness to sell its 100% stake in the airline on October 11.

29/12/21 Kala Vijayaraghavan & Mihir Mishra/Economic Times

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