Competition Commmission Of India Approves Air India's Acquisition By Tata Sons
Competition Commission of India (CCI) on Monday gave its approval to the acquisition of Air India by Talace Private Limited, which is a wholly-owned subsidiary of Tata Sons.
Along with the acquisition of shares in Air India, the competition watchdog also approved stake acquisition by Talace in Air India Express and Air India SATS Airport Services.
On October 8, the government had announced that Talace Private Limited had won the bid to acquire the debt-laden airline. Tata had outbid a consortium led by SpiceJet promoter Ajay Singh by offering Rs 18,000 crore.
Later, on October 25, the government signed the share purchase agreement with Tata Sons for the divestment of Air India.
“The proposed combination envisages acquisition of 100 per cent equity share capital of Air India Limited (Air India) and Air India Express Limited, and 50 per cent equity share capital of Air India SATS Airport Services Private Limited by Talace Private Limited (Talace),” the CCI said in a release.
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