New Delhi: The strategic disinvestment transaction of Air India has been completed with the Central government receiving a consideration of Rs 2,700 crore from the strategic partner Talace Pvt Ltd, a wholly owned subsidiary of Tata Sons Pvt Ltd, retaining debt of Rs 15,300 crore in Air India and AIXL and transferring shares of Air India (100 per cent shares of Air India and its subsidiary AIXL and 50 per cent shares of AISATS) to the strategic partner, according to an official statement.

It is pertinent to mention that following the government’s approval of the highest price bid of Talace Pvt Ltd for strategic disinvestment of Air India, the Letter of Intent was issued to the winning bidder on October 11, 2021. The Share Purchase Agreement (SPA) was signed on October 25, 2021. Thereafter, the strategic partner - Talace Pvt Ltd, Air India and the government worked towards satisfying a set of conditions precedent defined in the SPA including approvals from anti-trust bodies, regulators, lenders, third parties, etc. These conditions have since been met to mutual satisfaction. /BI/