Tata group now owns air India through its subsidiary alliance Talace. The authorized handover was done on Thursday by Department of Investment and Public Asset Management (DIPAM). In a press release, Tata Sons said: “We philosophically agree with the Prime Minister’s vision for the aviation sector, of making it affordable and ensuring it contributes to boosting ‘Ease of Living’ for citizens.” Speaking to the journalists on Thursday, Tata sons chairperson said “we're excited to have Air India back in the tata group and are committed to make it a world class airline. I warmly welcome all the jobholders of Air india to our group and look forward to working together.”
Air India has launched a “ helpdesk” to feed to its exclusive passengers, including government officers and elderly directors among others, a day after the Tata Group acquired the airline. A dispatch from the airline’s director, Meenakshi Mallik, to the workers, read “ As we become part of the Tata Group, we've taken numerous enterprise to further enhance our brand and business. One similar action is to insure a flawless client experience. The dispatch also asked the airline brigades to extend full co-operation in working complaints in a timely manner. Guests could see bettered marking and operations, including the choice of food and potables served onboard an Air India flight.
Since air india is no longer operated by government of india so it's no longer the public carrier. Air India has posted on twitter that “ We ’ve heard you and we look forward to giving you what you've asked. We ’re making a commitment moment. We've been the bodies of a nation. Now, we will also be the bodies for its future:" Air India's share circular for cockpit crew as welcome adverts" Dear guests, welcome aboard this major flight, which marks a special event. Air India marks this moment, Air India officially becomes a part of Tata Group again, after seven decades. Welcome to the future of Air India." Tata is seeing an opportunity to make Air India a role changing deal in Aviation business.
As per people aware of the matter pertaining to Tata group’s commandeering of Air India, the Tata Group has chosen State Bank of India, Bank of Baroda and HDFC Bank as selected bankers for Air India. Air India also stated that last week, Tata Sons served of a 10,000-crore loan from SBI and a 5,000-crore loan from Bank of Baroda. The loans are unrated, unsecured, and pegged at 4.25% annual interest rate.
The sources said that this new debt profited by the Tata Group will be used to refinance Air India's debt that was benefited at over 10%. The jobholders of Air India now will be entitled to following benefits under EPFO (Employees' Provident Fund Organisation)
1). The jobholders will enter an surplus 2 employer’s beneficences in their Provident Fund Accounts at 12% of their wages.
2) Rules of EPF Scheme 1952, EPS 1995 and EDLI 1976 will now be applicable to the workers.
3) A guaranteed minimum pension will be available to workers and pensions to family and dependents in case of the death of an hand.
4) An assured insurance benefit in case of death of a member will be available in the range of minimum 2.50 lakh and a maximum of 7 lakh. No premium is charged to the EPFO covered employees for this benefit.
Tags : #airindia #tata #aviationbusiness #future #EPFO #tatagroup #tatachairman #talace #statebankofindia #bankofbaroda #hdfcbank