{"id":17061,"date":"2022-01-24T17:59:37","date_gmt":"2022-01-24T12:29:37","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=17061"},"modified":"2022-01-25T18:01:07","modified_gmt":"2022-01-25T12:31:07","slug":"air-indias-to-be-handovered-to-the-tata-group-by-end-of-january","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2022\/01\/24\/air-indias-to-be-handovered-to-the-tata-group-by-end-of-january\/","title":{"rendered":"Air India\u2019s to be handover to the Tata group by end of January"},"content":{"rendered":"\n<p class=\"has-drop-cap\" id=\"h-according-to-air-india-officials-the-airline-will-share-its-balance-sheet-with-the-tata-group-on-monday-for-its-review-which-is-expected-to-be-concluded-by-wednesday-following-this-the-handover-is-likely-to-take-place-on-thursday\"><em><strong>According to Air India officers, the airline will transfer<\/strong><\/em><strong> <\/strong><em><strong>its balance sheet with the <a href=\"http:\/\/www.tata.com\/\" rel=\"noreferrer noopener sponsored nofollow\" target=\"_blank\">Tata Group<\/a> on Monday for its review, which is expected to be completed by Wednesday. Following this, the handover is likely to take place on Thursday.<\/strong><\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-air-india-to-the-tata-group\">Air India to the Tata Group <\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"553\" height=\"223\" src=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2022\/01\/14_1_about-air-india-1-1.jpg\" alt=\"\" class=\"wp-image-17039\" srcset=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2022\/01\/14_1_about-air-india-1-1.jpg 553w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2022\/01\/14_1_about-air-india-1-1-300x121.jpg 300w\" sizes=\"(max-width: 553px) 100vw, 553px\" \/><figcaption><strong>Air India |aviationa2z.com<\/strong><\/figcaption><\/figure>\n\n\n\n<p><em>January 27 has been set as the date to complete the handover of Air India to the Tata Group, a delay from the earlier deadline of December-end. Following delays in finalizing the balance sheet of the airline and procuring the necessary approvals from global regulators, the targeted timeline for the closure of the agreement was extended till January end.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What steps now stay in the transfer of the airline to Tatas<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>According to Air India officials, the airline will share its balance sheet with the Tata Group on Monday for its review, which is expected to be concluded by Wednesday. Following this, on Thursday (January 27), the handover is possible to take place. The final date of the balance sheet has been set at January 20.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Tata Group  <\/h2>\n\n\n\n<p>On October 11, the Centre had issued the Letter of Intent (LoI) to the <a href=\"http:\/\/www.tata.com\/\" rel=\"noreferrer noopener sponsored nofollow\" target=\"_blank\">Tata Group<\/a> confirming its willingness to transfer a 100% stake in the airline to the Mumbai-based conglomerate. At the period, the expected timeline for transfer was arranged for the end of December. On account of various pending approvals, this date was extended to end-January.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"569\" src=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2021\/12\/air-india-2-1024x569.jpg\" alt=\"\" class=\"wp-image-16142\" srcset=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2021\/12\/air-india-2-1024x569.jpg 1024w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2021\/12\/air-india-2-600x334.jpg 600w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2021\/12\/air-india-2-300x167.jpg 300w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2021\/12\/air-india-2-768x427.jpg 768w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2021\/12\/air-india-2-750x417.jpg 750w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2021\/12\/air-india-2-1140x634.jpg 1140w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2021\/12\/air-india-2.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption><strong>Air India |aviationa2z.com<\/strong><\/figcaption><\/figure>\n\n\n\n<p><strong>Why is there a delay in finalizing the balance sheet?<\/strong><\/p>\n\n\n\n<p><em>The final balance sheet is being organized with the approvals from the various regulators, lenders, and lessors of the airline. This balance sheet will be provided to the Tata Group and is expected to account for the Rs 20 crore loss being incurred by Air India daily, till the cutoff date. Additionally,&nbsp;reported Sunday, citing an RTI answer, that various government departments and ministries had pending payments amounting to Rs 278.49 crore to Air India till October last year.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">700 government departments <\/h2>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p><strong>This pending amount includes Rs 244.78 crore from over 700 government departments and sections as of September 2021 and Rs 33.71 crore towards various VVIP flights as of July 27, 2021, as per the data.<\/strong><\/p><\/blockquote><\/figure>\n\n\n\n<p>This also includes dues from the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Prime_minister#:~:text=A%20prime%20minister%20or%20a,parliamentary%20or%20semi%2Dpresidential%20system.&amp;text=In%20most%20systems%2C%20the%20prime,and%20chairman%20of%20the%20cabinet.\" rel=\"noreferrer noopener sponsored nofollow\" target=\"_blank\">Prime Minister<\/a>\u2019s flights of Rs 7.20 crore and the President\u2019s flight dues of Rs 6.14 crore. The airline has already started recovering the pending dues from the various government departments and as of November 30, 2021, Rs 30.38 crore has been rescued by the airline.<\/p>\n\n\n\n<p><strong>Also, read      <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><a href=\"https:\/\/aviationa2z.com\/index.php\/2022\/01\/23\/the-uns-civil-aviation-agency-icao-declared-this-week-that-it-had-achieved-a-report-about-the-investigation-into-belaruss-diversion-of-the-ryanair-flight-4978-in-may-last-year\/\" rel=\"sponsored nofollow\">The UN\u2019s aviation (ICAO) is not convinced by Belarusian authorities<\/a>    <\/strong><\/li><li><strong> <a href=\"https:\/\/aviationa2z.com\/index.php\/2022\/01\/23\/air-india-due-over-rs-278-crore-from-700-government-departmentsle-heads-and-estimated-to-have\/\" rel=\"sponsored nofollow\">Air India due over Rs 278 crore from 700 government department<\/a>      <\/strong><\/li><li><strong><a href=\"https:\/\/aviationa2z.com\/index.php\/2022\/01\/21\/air-india-restarts-flights-to-the-us-from-21-january\/\" target=\"_blank\" rel=\"noreferrer noopener sponsored nofollow\">Air India restarts flights to the US from 21 January<\/a><\/strong><\/li><\/ul>\n\n\n\n<p><strong>Has the government taken any step to ensure such dues don\u2019t grow?<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2021\/12\/airindia1_2-1024x768.jpg\" alt=\"\" class=\"wp-image-16322\" srcset=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2021\/12\/airindia1_2-1024x768.jpg 1024w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2021\/12\/airindia1_2-600x450.jpg 600w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2021\/12\/airindia1_2-300x225.jpg 300w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2021\/12\/airindia1_2-768x576.jpg 768w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2021\/12\/airindia1_2-750x563.jpg 750w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2021\/12\/airindia1_2-1140x855.jpg 1140w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2021\/12\/airindia1_2.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption><strong>Air India |aviationa2z.com<\/strong><\/figcaption><\/figure>\n\n\n\n<p><em>The Department of Expenditure, Ministry of Finance, in an office memorandum dated October 27, 2021, had directed all ministries and departments to clear Air India\u2019s dues instantly, in addition to asking these departments to buy air tickets from Air India only in money.<\/em><\/p>\n\n\n\n<p><a href=\"https:\/\/indianexpress.com\/section\/opinion\/?utm_source=newbanner\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to Air India officers, the airline will transfer its balance sheet with the Tata Group on Monday for its review, which is expected to be completed by Wednesday. Following this, the handover is likely to take place on Thursday.<\/p>\n","protected":false},"author":3,"featured_media":17030,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6761],"tags":[82,392,393,109,115,2118,583,976,1594],"class_list":{"0":"post-17061","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-air-india","9":"tag-airlines-news","10":"tag-aviation-news","11":"tag-government","12":"tag-india","13":"tag-january-2022","14":"tag-tata","15":"tag-tata-group","16":"tag-tata-sons"},"_links":{"self":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/17061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/comments?post=17061"}],"version-history":[{"count":4,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/17061\/revisions"}],"predecessor-version":[{"id":17095,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/17061\/revisions\/17095"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/media\/17030"}],"wp:attachment":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/media?parent=17061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/categories?post=17061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/tags?post=17061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}