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Tata Sons chairman meets PM Modi; Air India handed over to Tata Group

Newdelhi:27/1/22:A consortium of lenders led by SBI will provide loans to Tata Group for the smooth functioning of the debt-laden Air India. Chairman of Tata Sons N Chandrasekaran met Prime Minister Narendra Modi on Thursday, before the official handover of the Air India to the Tata Group. The Prime Minister’s Office released the photo of the meeting between PM Modi and Tata chairman.

The official handover of Air India is the first major successful deal of privatization in the last few decades. This also marks the homecoming of Air India, launched in 1932 by Tata Group’s former chairman JRD Tata. As the chairman met PM Modi, senior officials reached the headquarters of Air India in New Delhi and the final handover process was completed with the members resigning from the Air India Board.

The Tata group has already planned the changes they are planning to bring in and the first has already been implemented on Thursday in four flights operating from Mumbai. The Tata Group provided enhanced meal services on AI864 (Mumbai-Delhi), AI687 (Mumbai-Delhi), AI945 (Mumbai-Abu Dhabi) and AI639 (Mumbai-Bengaluru).

In October last year, Tata Group won the bid the acquire the debt-laden Air India along with Air India Express and 50% state in AISATS. For smooth functioning of the airlines, an SBI-led consortium of lenders has agreed to provide loans to the Tata Group. All large lenders, including Punjab National Bank, Bank of Baroda, and Union Bank of India, are part of the consortium, reports said.

As of August 31, Air India had a total debt of 61,562 crore. Around 75 percent of this debt or 46,262 crores will be transferred to a special purpose vehicle AIAHL before handing over the loss-making airline to Tata Grou

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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