Govt issues Letter of Intent to Tata Sons for sale of Air India.

The public authority on Monday gave a letter of plan (LoI) affirming the offer of its 100% stake in misfortune making Air India to Tata Group for Rs 18,000 crore, a senior authority said.

Last week, the public authority had acknowledged a proposal by Talace Pvt Ltd, a unit of the holding organization of salt-to-programming aggregate, to pay Rs 2,700 crore in real money and takeover Rs 15,300 crore of the carrier’s obligation.

Ensuing to that, a LoI has now been given to Tatas affirming the public authority’s readiness to sell its 100% stake in the aircraft. “Letter of Intent has been given today,” DIPAM Secretary Tuhin Kanta Padney said here.

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Goodbyes currently need to acknowledge the LoI, post which the Share Purchase Agreement will be agreed upon. Conditions point of reference to the exchanges would should be fulfilled by Tatas before they really assume control over the activities. “Typically inside 14 days of acknowledgment of LoI, the SPA is agreed upon. We anticipate that the SPA should be marked genuinely quick,” he said.

Pandey said the arrangement is focused on to be shut by December end. After SPA is marked, the administrative endorsements should come in after which the handover interaction begins.

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“At the point when they give the Letter of Acceptance, they will give installment security of 1.5% of EV esteem which is Rs 270 crore. Rs 270 crore will be installment security in bank ensure which will be gotten by us alongside acknowledgment letter to the LoI,” Pandey added. — PTI

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