Tag Archives: Tata Sons

Tata Sons have announced that Ilker Ayci has been appointed the CEO & MD of Air India. The Air India board met this afternoon to consider the candidature of Ilker Ayci and N Chandrasekaran, Chairman of Tata Sons, was a special invitee to the meeting. The board approved the appointment after due deliberations. Before taking up this role, Ilker Ayci, was the Chairman of the Turkish Airlines and he was on the board of the company prior to that. Ayci will assume his responsibilities on or before 1st April 2022.

Air India’s divestment process is finally successful with TATA Sons’ SPV – Talace Pvt Ltd, winning the bid of the national carrier for Rs 18000 crore. The Cabinet Committee on Economic Affairs  (CCEA) – empowered Air India Specific Alternative Mechanism (AISAM) comprising of Amit Shah Union Minister for Home Affairs and Cooperation; Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs; Piyush Goyal, Union Minister for Commerce and Industry and Jyotiraditya Scindia, Union Civil Aviation Minister, approved the highest price bid of M/s Talace Pvt Ltd, a wholly owned subsidiary of M/s Tata Sons Pvt. Ltd for sale of 100% equity shareholding of Government of India in Air India along with equity shareholding of Air India in AIXL and AISATS. The winning bid is for Rs 18,000 crore as Enterprise Value (EV) consideration for AI (100% shares of AI along with AI’s shareholding in AIXL and AISATS).  The transaction does not include non-core assets including land and building, valued at Rs 14,718 crore, which are to be transferred to GoI’s Air India Asset Holding Limited (AIAHL). The process for disinvestment of Air India and its subsidiaries commenced in June 2017 with the ‘in-principle’ approval of CCEA. The first round did not elicit any Expression of Interest. The process re-commenced on 27 January 2020 with issue of Preliminary Information Memorandum (PIM) and request for Expressions of Interest (EOI). The original construct as per the January 2020 PIM envisaged (i) pre-determined, fixed amount of debt to be retained in AI (with balance to be transferred to Air India Asset Holding Limited (AIAHL) and (ii) the sum of certain identified current and non-current liabilities (other than debt) to be retained in AI and …

The Board of Vistara (TATA SIA Airlines Ltd), and the two promoters of the company, Tata Sons and Singapore Airlines, as part of the plan, have named Leslie Thng to succeed Phee Teik Yeoh as Chief Executive Officer for Vistara, effective October 2017. This is subject to approval of the Government of India. Phee Teik Yeoh, currently the Chief Executive Officer of Vistara, will be returning to Singapore Airlines (SIA) to take up a senior appointment. Yeoh, who has been an SIA veteran, is credited with successfully leading Vistara since its establishment in January 2015. Thng, who started his career in SIA, has held many senior positions in the airline, and has significant experience across international markets and various businesses. Prior to being appointed Chief Commercial Officer for Budget Aviation Holdings (BAH, a Singapore Airlines owned holding company), he was Chief Executive of SilkAir. Leslie will lead Vistara in its next phase of growth, including international operations.

Tata Sons has entered into an agreement with Air Asia (India), Telestra Tradeplace and two of the directors of the Company, being S. Ramadorai (Chairman) and R. Venkataramanan, under which Tata Sons proposes to increase its stake in the company to 49 per cent from its existing stake of 41.06 per cent, by acquiring 7.94 per cent equity stake from Telestra. S. Ramadorai and R. Venkataramanan, in their individual capacity, propose to acquire 0.5 per cent and 1.5 per cent shareholding respectively of Telestra’s remaining 2 per cent equity stake in the Company. AirAsia Investment Ltd. will continue to hold its 49 per cent stake in the Company. The agreement was entered into on March 14, 2016, and the transaction is proposed to be completed in April, 2016, subject to completion of the relevant corporate approvals and processes.