India’s national carrier, Air India, has been officially handed over to the Tata Group, which bought the debt-ridden airline in October last year.
The Tatas paid nearly $2.4bn after the government made the terms of the debt less onerous for the buyer.
The salt-to-steel conglomerate founded the airline in 1932 before it was taken over by the government in 1953.
The handover brings to an end a years-long attempt to sell Air India, which has racked up losses worth $9.5bn.
Tata Group chairman Natarajan Chandrasekaran met Prime Minister Narendra Modi today before the handover.
— PMO India (@PMOIndia) January 27, 2022
The existing board of directors for the airline has resigned, making way for a new board appointed by the Tata Group.
It’s unclear when Air India will begin flying under the Tata banner.
The airline called the deal a “brand new chapter” in its history.
It wrote on Twitter, “Two iconic names come together to embark on a voyage of excellence.”