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India


Tatas to retain Air India staff for 1 yr, VRS could be offered in 2nd yr

Tatas to retain Air India staff for 1 yr, VRS could be offered in 2nd yr

New Delhi, Oct 8 (UNI) With Air India set to go to Tatas after being declared as successful bidder on Friday, the government has said the salt-to-software conglomerate cannot retrench the current airline staff for one year.
Air India and Air India Express together have about 13,500 permanent and contractual staff.
"Winning bidder will retain all employees, no employee to be retrenched for the first one year. For the second year, if anybody is to be retrenched or removed, they will be offered VRS (voluntary retirement scheme)," Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) said.
Pandey on Friday announced the bidder for Air India almost completing the disinvestment process that kick started in June, 2017.
Elaborating on the process, the DIPAM Secretary said the next step will be to issue the Letter of Intent (LoI) and then sign the Share Purchase Agreement with the successful bidder.
It is expected that the transaction will be completed by December 2021, Pandey said.
Asked about the use of brand and logos of Air India, he said the winning bidder would not be allowed to transfer them for the next five years.
"There are eight logos under Air India brand, these logos will go to the successful bidder, these cannot be transferred to anyone else for next five years. After five years, the logos can be transferred but to only Indian persons (legal persons), not to any foreign entity," DIPAM Secretary said.
The successful bidder Talace Pvt Ltd, a wholly owned subsidiary Tata Sons Pvt Ltd quoted Rs 18,000 crore for acquiring Air India. The other bidder, a consortium led by SpiceJet promoter Ajay Singh offered to pay Rs 15,100 crore for the control of the national carrier.
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