CURRENT AFFAIRS

Detailed explanation-1: -As a precursor to Air India sale, the government in 2019 had set up a special purpose vehicle, Air India Assets Holding Ltd (AIAHL), for transfer of debt and non-core assets of the Air India group.

Detailed explanation-2: -Air India is a government owned body. Air India is the flag carrier airline of India, headquartered at New Delhi.

Detailed explanation-3: -Air India Limited was privatized through its sale to the Tata Group. On 8 October 2021 Tata Sons paid ₹18, 000 crore (US$2.3 billion) to Government of India and Tata will also assume ₹15, 300 crore (US$1.9 billion) of Air India Limited’s debt as per the transfer deal.

Detailed explanation-4: -The Air India strategic disinvestment transaction has been completed today with the government receiving about $360 million in equity and Tata taking over more than $2 billion of Air India’s debt, the finance ministry said in a statement.

Detailed explanation-5: -The Indian government nationalised the private airline in 1953, ran it with taxpayer money, repeatedly underwrote losses after 2007, put it up for sale, and finally handed it to one of the bidders, the Tata group.