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The group will pay 180 billion rupees (approximately AED 8.82 billion) for this transaction.
A government spokesman announced in New Delhi on Friday that Tata Sons has become the winning bidder for the state-owned Indian Airlines. The group will pay 180 billion rupees (approximately AED 8.82 billion) for this transaction.
“The government approved the SPV of M/s Tata Sons (M/s Talace Pvt Ltd) to divest @airindiain at an enterprise value of Rs 180 crore,” the Press Information Bureau (PIB) tweeted. “The consortium led by Ajay Singh bid for Rs 15,100 crore-@SecyDIPAM”
According to the government, the transaction does not include non-core assets such as land and buildings, valued at Rs 14,718 crore, which will be transferred to the state-owned Air India Holdings Limited (AIAHL).
The government stated that Tata Sons will retain all employees and will not lay off staff within one year. “If they are to be dismissed after a year, they will get VRS (Voluntary Retirement Scheme),” said the secretary of the Ministry of Civil Aviation. “Tipping and provident fund benefits will be provided.”
The government stated that the Air India brand with eight logos will be handed over to new bidders and cannot be transferred for five years. Even after that, they cannot be transferred to any foreign entity.
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