{"id":18477,"date":"2022-01-27T13:28:03","date_gmt":"2022-01-27T07:58:03","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-airindia-banks\/"},"modified":"2022-01-27T17:30:45","modified_gmt":"2022-01-27T12:00:45","slug":"biz-airindia-banks","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-airindia-banks\/","title":{"rendered":"Tatas gets loan commitment from SBI-led consortium for Air India"},"content":{"rendered":"<ul class=\"wp-block-list\"><li style=\"font-weight: 400;\" aria-level=\"1\"><strong>Talace Private Limited (Tata Group\u2019s subsidiary) will formally take over Air India along with Air India Express and a 50% stake in AISATS on Thursday.<\/strong><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><strong>A consortium of lenders has agreed to grant both term loans and working capital loans depending on the airline\u2019s requirements.<\/strong><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><strong>The deal with the government does not include land and buildings. As per the agreement, Tata Group will retain all the employees of Air India at least for a year.<\/strong><\/li><\/ul><div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2242314066\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p><span style=\"font-weight: 400;\">A consortium of lenders led by the State Bank of India (SBI) has agreed to provide loans to Tata Group for the smooth operations of loss-making Air India.<\/span><span style=\"font-weight: 400;\"> The consortium of banks includes Punjab National Bank, Union Bank of India, Bank of Baroda, and the SBI.<\/span><\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-889838159\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p><span style=\"font-weight: 400;\">Tata Group, which won the bid to acquire the national carrier along with Air India Express and a 50 per cent stake in AISATS in October last year, is expected to formally take over the airline on Thursday.<\/span><\/p><p><span style=\"font-weight: 400;\">Sources said the SBI-led consortium has agreed to grant both term loans and working capital loans depending on the airline\u2019s requirements.<\/span><\/p><p><span style=\"font-weight: 400;\">Talace Private Limited \u2014 a subsidiary of the Tata Group\u2019s holding company Tata Sons \u2014 on October 8, 2021, won the bid to acquire debt-ridden Air India. The term loans to Talace will help in retiring the high-cost borrowings of Air India, the sources said.<\/span><\/p><div class=\"trade-content_5\" id=\"trade-1859334995\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p><span style=\"font-weight: 400;\">A unit of the holding company of the salt-to-software conglomerate had offered Rs 18,000 crore as part of its winning bid \u2014 Rs 15,300 crore for Air India\u2019s existing debt and Rs 2,700 crore to be paid as cash to the government.<\/span><\/p><p><span style=\"font-weight: 400;\">On October 11, 2021, a Letter of Intent (LoI) was issued to the Tata Group confirming the government\u2019s willingness to sell its 100 per cent stake in the airline. On October 25, the Centre signed the share purchase agreement for the deal.<\/span><\/p><p><span style=\"font-weight: 400;\">The deal with the government does not include land and buildings. As per the agreement, Tata Group will retain all the employees of Air India at least for a year.<\/span><\/p><p><span style=\"font-weight: 400;\">With the acquisition, Tata Group will have access to a fleet of 117 wide-body and narrow-body aircraft, and 24 narrow-body aircraft of Air India Express. Besides, it will get control of 4,400 domestic and 1,800 international landing, and parking slots at domestic airports.<\/span><\/p><p><span style=\"font-weight: 400;\">Tata Group had surpassed the Rs 15,100 crore offer by a consortium led by SpiceJet promoter Ajay Singh and the reserve price of Rs 12,906 crore set by the government for the sale of its 100 per cent stake in the loss-making carrier.<\/span><\/p><p><span style=\"font-weight: 400;\">While this will be the Centre\u2019s first privatisation since 2003-04, Air India will be the third airline brand in the Tatas\u2019 stable as it holds a majority interest in AirAsia India and Vistara, a joint venture with Singapore Airlines Ltd.<\/span><\/p><div class=\"trade-content-10\" id=\"trade-132392058\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p><span style=\"font-weight: 400;\">As of August 31, Air India had a total debt of Rs 61,562 crore. Around 75 per cent of this debt or \u20b946,262 crores will be transferred to a special purpose vehicle AIAHL before handing over the loss-making airline to Tata Group.<\/span><\/p><p><span style=\"font-weight: 400;\">Air India started suffering losses every year since its merger with Indian Airlines in 2007-08.<\/span><\/p><p><span style=\"font-weight: 400;\">A Turnaround Plan (TAP) and a Financial Restructuring Plan (FRP) were approved for Air India by the previous UPA regime in 2012. However, the TAP did not work out as expected and Air India continued to reel under losses.<\/span><\/p><p><span style=\"font-weight: 400;\">Tatas would not get to retain non-core assets such as the Air India Building at Nariman Point, Mumbai, the Vasant Vihar Housing Colony of Air India, and the Air India building in New Delhi.<\/span><\/p><p><span style=\"font-weight: 400;\">Over the last decade, more than Rs 1.10 lakh crore has been infused by way of cash support and loan guarantees into Air India to keep it afloat.\u00a0\u00a0<\/span><\/p><div class=\"trade-after-content\" id=\"trade-880848233\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Talace Private Limited (Tata Group\u2019s subsidiary) will formally take over Air India along with Air India Express and a 50% stake in AISATS on Thursday. A consortium of lenders has agreed to grant both term loans and working capital loans depending on the airline\u2019s requirements. The deal with the government does not include land and [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":18629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,1513,31],"tags":[],"class_list":["post-18477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-editor-pick","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tatas gets loan commitment from SBI-led consortium for Air India - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-airindia-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tatas gets loan commitment from SBI-led consortium for Air India\" \/>\n<meta property=\"og:description\" content=\"Talace Private Limited (Tata Group\u2019s subsidiary) will formally take over Air India along with Air India Express and a 50% stake in AISATS on Thursday. 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