New Delhi: Seventeen days after the announcement that Tata Sons has won the bid for Air India, a share purchase agreement between the government and the company has been signed today.
“Share Purchase Agreement signed today by Government with Tata Sons for strategic disinvestment of Air India” the department of Investment and Public asset management (DIPAM) twitted.
On October 8 the government had announced Tata Sons, which had quoted Rs.18000 crore, as the highest bidder for the debt ridden public sector Airlines.
The department is eying to conclude the handover process of Air India by December 10.
The Tata Aviation Services was formed in the year 1932 and in 1948, a year after independence; it was incorporated as Air India. In 1953 the airlines was nationalized by the Nehru government.