The Centre on Thursday handed over the management control of Air India to Tata Group subsidiary Talace. With this, Air India's strategic disinvestment was complete after the Centre received a consideration of Rs 2,700 crore from the 'Strategic Partner' Talace which is a wholly owned subsidiary of Tata Sons.Besides the upfront payment, Talace will retain a debt of Rs 15,300 crore. The transaction covered three entities - Air India, Air India Express and AI SATS. Post the formal take over, a new board was constituted which included Tata Group's executives.
After the takeover, famous businessman Anand Mahindra tweeted congratulations to Tata. "We at @MahindraRise congratulate the @TataCompanies & the whole @airindiain family on this milestone. Air India is a brand that’s part of the nation’s treasure trove. There is no better custodian, from the point of view of both passion & resources to restore its old glory," he tweeted.