The Tata Sons have acquired 100 percent stake of Air India.
Tata Sons on Friday took over Air India as it emerged the winner in the debt-laden airline bidding at Rs 18,000 crore. The airline has returned to the Tatas as JRD Tata had founded the airline in 1932, earlier known as Tata Airlines. It has been assured that the current staff will not be sacked for one year.
The Tata Sons have acquired 100 percent stake of Air India which will now allow them to control the airline's 4,400 domestic and 1,800 international landing and parking slots at domestic airports, and 900 slots at airports that are abroad, including London's Heathrow Airport. The Tatas have also won a 50 percent stake in Air India SATS Airport Services Private Limited (AISATS).
Civil Aviation Secretary Rajiv Bansal said that the winning bidder will have to offer a voluntary retirement scheme (VRS) to the staff of the airline. He added that Gratuity and Provident Fund benefits will also be provided to all employees.
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