Air India Disinvestment: Currently, Air India has a total of 12,085 employees among which 8,084 are permanent and 4,001 are contractual. On the other hand, Air India Express has 1,434 employees.
Air India Disinvestment: Finally, Maharaja returned to its owners after a gap 68 long years as India’s national carrier is sold to Tata Sons on Friday. Tata Group won bid to take over the national carrier. However, to acquire the debt-laden carrier, Tatas will pay Rs 18,000 crore to the Central government. Of the total money, at least 15 per cent would go to the government and the rest of the money will help to clear the debt
Giving further details, DIPAM Secretary said the process was carried out in a transparent manner with due regard to confidentiality of bidders. He also added that the bidders have agreed to all terms and conditions and five bidder were disqualified as they did not meet the criterion.
Currently, Air India has a total of 12,085 employees among which 8,084 are permanent and 4,001 are contractual. On the other hand, Air India Express has 1,434 employees.
As per the condition laid out by the Centre, Tata Group will retain current Air India employees for first year and in the second year, they will see who to retain and can also give (VRS) voluntary retirement from service to some employees.
It must be noted that the Central government earlier agreed to bear the cost of liquidation loss on account of transfer to the Employees’ Provident Fund Organisation (EPFO) from company-owned trusts, the inclusion of employees in the central government health scheme (CGHS), and encashment of leaves, as per a report by Business Standard.
On the condition of Air India’s brand and logo, the Central government said that the winning bidder will have to retain it for five years.
The next step will be to issue the Letter of Intent (LoI) and then sign the Share Purchase Agreement following which, the conditions precedent would need to be satisfied by the successful bidder, the company and Government. It is expected that the transaction will be completed by December 2021,” the ministry of finance said.
