Air India Likely To Be Handed Over To Tata Group On January 27

Air India is likely to be handed over to Tata Group by this weekend as the government has decided to complete the disinvestment process on January 27, a senior official said on Monday.

"The disinvestment of Air India is now decided to be on January 27. The closing balance sheet as on January 20 has to be provided today (January 24) so that it can be reviewed by Tatas and any changes can be effected on Wednesday (January 25)," Vinod Hejmadi, director finance, Air India, said in an email to employees.

"We have done an excellent job till now in providing all support for the disinvestment exercise. The next three days will be hectic for our department and I request all of you to give your best in these last three four days before we get divested," Mr Hejmadi said.

Seeking cooperation of the employees, he said, "We may have to work late in the night to complete the task given to us. I seek the cooperation of one and all."

A senior Air India official said, "If due to some reason the time of January 27 is postponed, then divestment process has to be done till the end of the month."

Talace Pvt Ltd, a wholly owned subsidiary of Tata Sons Pvt Ltd, last year won the bid to acquire 100 per cent equity shareholding of Government of India in Air India along with equity shareholding of Air India in AIXL and Air India SATS Airport Services Private Limited (AISATS).