The Tata Group on Thursday completed the takeover process of Air India from the government. 

“Totally delighted that Air India’s takeover process is complete,” news agency PTI quoted Tata Group chairman N Chandrasekaran as saying. “We look forward to working with everyone to create a world-class airline,” he added. 

Chandrasekaran met with Prime Minister Narendra Modi in New Delhi ahead of the takeover. 

Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey confirmed that Talace Private Limited, a subsidiary of the Tata Group’s holding company Tata Sons, have completed the takeover process. 

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“The strategic disinvestment transaction of Air India successfully concluded today with transfer of 100 per cent shares of Air India to M/s talace Pvt Ltd along with management control,” he tweeted. 

“Now, the new owners (of the airline) are Talace,” he said. 

The Tata Group acquired Air India for Rs 18,000 on October 8, beating a Rs 15,500 crore bid by a consortium led by SpiceJet promoter Ajay Singh. The government had set a Rs 12,906 crore reserve price for a 100% stake in the airline. 

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The Tatas will par Rs 2,700 crore in cash and take over Rs 15,300 of the airline’s debt. 

“The Air India strategic disinvestment transaction has been completed today with Government receiving a consideration of Rs 2,700 crore from the Strategic Partner (M/s Talace Pvt Ltd, a wholly owned subsidiary of M/s 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,” the finance ministry said. 

In a communique sent to Air India’s employees, Chandrasekaran said, “I have learned that to preserve what is best about the past, requires constant change. It is by evolving, adapting and embracing the future that we best honour a glorious history.”