Emphasising that the Air India transaction is a "win-win situation" across the board, Union Civil Aviation Minister Jyotiraditya Scindia on Tuesday said taxpayers' money will now be more justifiably used for many more socially productive purposes rather than filling the deep losses of the airline.
He also said the disinvestment will provide an opportunity for the airline to rise as a phoenix again.
In October, Talace Pvt Ltd, part of the Tata group, emerged as the winning bidder for Air India with a bid worth Rs 18,000 crore.
It will pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
"Shareholders agreement was signed in November. Today, we are in the process of closing all the conditions precedent and I am very confident at the turn of the New Year, you will have the transfer of Air India to its new owner....," he said.
Scindia was speaking at a session on 'Building India into a Global Civil Aviation Powerhouse' of Partnership Summit 2021, organised by industry body CII in association with the Department for Promotion of Industry and Internal Trade (DPIIT).
From a company perspective, Scindia said, here is the opportunity for Air India to rise as a phoenix again.
"From a customer-centric point of view, you have got a new company that has come in, which already has a full-service airline and a budget airline and taking over Air India plus Air India Express. The four companies together have the capability of presenting themselves as a very unique proposition....A win-win situation across the board," he said.
14/12/21 PTI/New Indian Express
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