NEW DELHI: The Centre formally handed over Air India airline to Tata Group on Thursday, months after the conglomerate emerged as the winner for debt-ridden Maharaja.
The government had been trying to sell the national airline, but failed to find any suitable buyer due its huge debt. Then last year in October, Tata subsidiary Talace Pvt Ltd successfully bid for Air India.
The airline was originally founded by Tata and was flying back to home decades. Tata Group Founder JRD Tata had originally launched the airline in 1932 as the nation's first carrier, flying mail between Karachi in then-undivided, British-ruled India and Bombay. It was nationalised in 1953.
Tata group posted an emotional message on Twitter: "Your arrival was much awaited".
The Tata Group also announced the completion of the transaction for the purchase of Air India from the government. “The Tata group takes over management and control of the airline, starting today," it said.
The transaction covers three entities – Air India, Air India Express, and AI SATS.
On the occasion, N Chandrasekaran, Chairman, Tata Sons said: “We are excited to have Air India back in the Tata group, and are committed to making this a world-class airline. I warmly welcome all the employees of Air India, Air India Express, and AI SATS to our Group, and look forward to working together."
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today