CURRENT AFFAIRS

Detailed explanation-1: -NEW DELHI: Paving way for consolidation among the four Tata Group airlines, the Competition Commission of India (CCI) approved acquisition of entire shareholding in Air Asia India by Air India.

Detailed explanation-2: -The government on Thursday transferred 100% shares in Air India to Tata’s wholly owned subsidiary Talace Pvt Ltd along with management control. Tata Sons chairman N Chandrasekaran met Prime Minister Narendra Modi here before taking over the Maharaja that was nationalised exactly 69 years ago.

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: -Tata Sons, via unit, Talace Pvt. Ltd acquired Air India and Air India Express from the government. On 2 November, AirAsia Bhd exited AirAsia India, with Tata Group’s Air India acquiring the Malaysian company’s remaining stake in the airline.

Detailed explanation-5: -Tata Sons owns 83.67% in the no-frills carrier and the remaining 16.33% is held by AirAsia Investment Ltd, part of Malaysia’s AirAsia Group. The company expects to receive Rs 1.56 billion from the stake sale. Air India could merge the low cost carrier with Air India Express.