Jan. 25—NEW DELHI — NEW DELHI: The divestment of national carrier Air India is expected to conclude on 27 January, with the government completing the handover of the airline to Tata Group by then.
In a WhatsApp message to the employees of the national carrier on Monday, Air India's director (finance), Vinod Hejmadi, said the divestment of the national carrier is now decided to be on the 27 January.
"The closing balance sheet as on 20th Jan has to be provided today 24th Jan so that it can be reviewed by Tatas and any changes can be effected on Wednesday," Hejmadi said in the message sent on the instant messaging platform.
"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," he added.
In the message, Hejmadi said some employees may have to work late in the night to complete the divestment task. "I seek the cooperation of one and all."
A copy of the message has been reviewed by Mint.
Another source with direct knowledge of the matter told Mint that it was safe to say that Air India divestment will be concluded by January end.
"The transfer of Air India to Tata Group was earlier supposed to be concluded on 23 January. However, this has since then been pushed by a few days and will be concluded by end of the month," the person added.
Spokespersons of Tata Group and Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey didn't respond to queries sent on email and message.
India's largest conglomerate Tata group was named the winning bidder for Air India in October, ahead of a consortium-led by SpiceJet Ltd chairman and managing director Ajay Singh.
Tata group holding company, Tata Sons Pvt. Ltd, through its wholly-owned unit Talace Pvt. Ltd, had submitted the winning bid of INR18,000 crore as the enterprise value of Air India against a reserve price of INR12,906 crore.
Following the announcement of the winning bidder, the government had on 11 October issued a letter of intent (LoI) to the Tata group.
Upon the completion of the transaction, which will now happen by January end, the Tata group will be given full control of Air India and its low-cost unit Air India Express, as well as a 50% stake in ground handling company Air India SATS Airport Services Pvt. Ltd (AISATS).
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