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Divestment of Air India will take place on January 27 when it would be handed over to the Tata Group by the Centre, the airlines’ Director - Finance, Vinod Hejmadi, said in a message to the employees.
According to the message, the closing balance sheet on January 20 is to be provided on Monday (January 24), so that it can be reviewed by the Tatas “and any changes can be effected on Wednesday.”
“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. We may have to work late in the night to complete the task given to us,” he wrote.
A copy of the message has been reviewed by BusinessLine.
The official in his message has also congratulated employees “for an excellent job till now” in providing all support for the divestment exercise and seeks further “cooperation of one and all”.
In October last year, the Centre announced Talace Pvt Ltd, a wholly-owned subsidiary of Tata Sons, as winners to acquire the debt-laden Air India. Subsequently, a Letter of Intent (LoI) was issued to the Tata Group confirming the government’s willingness to sell its 100 per cent stake in the airline.
The deal was expected to be completed by December, but got delayed in January.
Air India will be the third airline brand for the Tatas after AirAsia India (where it has a majority interest) and Vistara (a JV with Singapore Airlines).
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