Secretary of DIPAM said – milch cows are not handing over to Tata, now taxpayers will be left with 20 crores daily on Air India flight. Air India privatisation saga Time we stopped paying Rs 20 crore per day of taxpayers money to keep it flying

Secretary of DIPAM said – milch cows are not handing over to Tata, now taxpayers will be left with 20 crores daily on Air India flight

Tata Group buys Air India

Three different ministers, multiple rules changes, two mission halts, finally two decades later, Indian taxpayers no longer have to pay Rs 20 crore per day to keep the loss-making airline Air India in flight. Have to give Although the opposition Congress has opposed the decision to sell Air India, Tuhin Kant Pandey, Secretary, Department of Public Property and Management (DIPAM), says that we are not handing over milch cows to Tata. This airline was in trouble and money would be needed to build it.

He said, it will not be an easy task. The only advantage Tata, the new owner of Air India, has is that they are paying the price they think they will be able to manage. They are not taking the additional debt raised during the previous years to meet the deficit. We have kept it in working condition. Taxpayers also have a lot of money saved by this process.

Tata Group buys Air India

Earlier in the same month, the government had approved the acquisition of Tales Private Limited, a unit of the Tata Group’s holding company. that had accepted the offer for Air India. For this, a cash payment of Rs 2,700 crore will be made by Tata, while it will also take a loan of Rs 15,300 crore of the airline.

Air India had a total debt of Rs 61,562 crore as of August 31. Out of this, 75 percent i.e. Rs 46,262 crore loan will be transferred to the special unit AIAHL. After that this loss-making airline will be handed over to the Tata Group.

Tata will also not get the airline’s non-core assets such as Air India’s residential colony in Vasant Vihar, Air India building at Nariman Point in Mumbai and Air India building in New Delhi.

Pandey said, we have given the use permission to the Tata group for two years. Within two years, we have to plan their monetization so that this money can be used to meet the liabilities of AIAHL.

He said, out of the 141 aircraft that Tata will get, 42 will be leased or leased and the remaining 99 will be self-owned. Many of these aircraft are still standing due to engine and other maintenance.

The work of handing over the airline will be completed soon

Pandey said, we want to complete the work of handing over the airline to the Tata group soon. 20 crores are being spent every day on the operation of the airline. The new owner of the airline will have to spend a lot of money. Investments will have to be made to improve the aircraft, they will have to be prepared anew. New orders will have to be placed for the defunct planes. Only then can they revive. Apart from this, a condition has also been imposed that they cannot fire employees for one year. From the second year onwards, they will have to give VRS to remove the employees.

The government is disinvesting its 50 per cent stake in ground handling company AISATS, along with its 100 per cent stake in Air India and Air India Express.

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