Air India likely to be handed over to Tata group by weekend
New Delhi, Jan 24: Air India is likely to be handed over to the Tata group by the end of this week, senior government officials said on Monday.
After a competitive bidding process, the government had on October 8 last year sold Air India to Talace Private Limited -- a subsidiary of the Tata group's holding company -- for Rs 18,000 crore.
Following that, on October 11, a Letter of Intent (LoI) was issued to the Tata group confirming the government's willingness to sell its 100 percent stake in the airline. On October 25, the Centre signed the share purchase agreement (SPA) for this deal.
Officials said on Monday that the remaining formalities regarding this deal are expected to be completed in the next few days and the airline will be handed over to the Tata group by the end of this week.
As a part of the deal, the Tata group will also be handed over Air India Express and a 50 percent stake in ground handling arm Air India SATS.
Tatas had on October 8 beat the Rs 15,100-crore offer by a consortium led by SpiceJet promoter Ajay Singh and the reserve price of Rs 12,906 crore set by the government for the sale of its 100 percent stake in the loss-making carrier.
While this will be the first privatisation since 2003-04, Air India will be the third airline brand in the Tatas' stable it holds a majority interest in AirAsia India and Vistara, a joint venture with Singapore Airlines Ltd.
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PM Modi holds talks with Dutch counterpart Jetten; discusses trade, investment
The Hague (PTI): Prime Minister Narendra Modi on Saturday held wide-ranging talks with his Dutch counterpart Rob Jetten, focusing on trade, investment, and critical technologies.
Modi arrived in the Netherlands on Friday on the second leg of his five-nation tour. This is his second trip to the Netherlands, following his visit in 2017.
Ahead of the bilateral talks, Modi, along with Jetten, held discussions with prominent CEOs of leading Dutch companies across various sectors such as energy, ports, health, agriculture trade, and technology, among others.
Modi invited Dutch companies to explore opportunities in India, particularly in maritime, renewable energy, digital technologies, semiconductors, artificial intelligence, and healthcare sectors.
"We are continuously reducing compliance and increasing the ease of doing business. We have recently carried out next-generation reforms in taxation, labour code, and governance," he told the business leaders.
The prime minister added that manufacturing in India is becoming very cost-effective, and in the services sector, it has become the engine of efficiency and innovation.
"We invite all of you to design and innovate in India. There can be no better time for this than today," he said.
"Today's India is a symbol of scale and stability. In terms of scale, we are also the fastest-growing major economy in the world and the world's largest talent pool. Infrastructure, clean energy or connectivity – no one in the world can match India's speed," Modi said.
"And on the subject of stability, I have completed 12 years of serving as the Prime Minister of the world's largest democracy. In these 12 years, with continuous reforms, we have transformed our economic DNA. Our direction has been clear – to give policy predictability to the private sector and increase opportunities for them," he added.
Modi said his government has opened up every sector for the private sector, be it space, mining or nuclear energy.
Ahead of the meeting, an agreement between ASML and Tata Electronics was signed in the presence of the two leaders.
The two prime ministers also called for early implementation of the India-EU-FTA.
Earlier, Prime Minister Modi met King Willem-Alexander and Queen Maxima at the Royal Palace and discussed close cooperation in digital technology, innovation, fintech and blue economy.
PM Modi's visit will build on the momentum of high-level engagements and close cooperation spanning diverse sectors, including defence, security, innovation, green hydrogen, semiconductors and a strategic partnership on water, the MEA said ahead of his visit.
The Netherlands is one of India's largest trade destinations in Europe, with bilateral trade worth USD 27.8 billion in 2024-25. The European nation is India's fourth-largest investor with cumulative foreign direct investment of USD 55.6 billion.
From the Netherlands, the prime minister will travel to Sweden for a two-day trip from May 17 to 18.
