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Home INTERNATIONAL

Tata Group officially takes over Air India

Chanuk Rajakaruna by Chanuk Rajakaruna
4 months ago
in INTERNATIONAL, TOP, TRENDING
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Tata Group officially takes over Air India

An Air India Airbus A320 neo plane takes off in Colomiers near Toulouse, France. REUTERS/Regis Duvignau/File Photo

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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.

Shri N Chandrasekaran, the Chairman of Tata Sons called on PM @narendramodi. @TataCompanies pic.twitter.com/7yP8is5ehw

— 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.”

–BBC–

Chanuk Rajakaruna
Tags: Air IndiaNatarajan ChandrasekaranPrime Minister Narendra ModiTata Group
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