It's official! Air India handed over to Tata Group; Maharaja returns home after 69 years
Speaking to the media, the Chairman of Tata Sons N Chandrasekharan said that they are delighted that this process is complete and happy to have Air India back in the Tata Group. He also said they look forward to walking with everyone to create a world-class airline.
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FollowNearly 69 years after it was taken from the conglomerate, the Indian government handed back Air India to the Tata Group on Thursday. The officials have said that Air India flights would now fly under the Tata Group's brand as of today.
Speaking to the media, the Chairman of Tata Sons N Chandrasekharan said that they are delighted that this process is complete and happy to have Air India back in the Tata Group. He also said they look forward to walking with everyone to create a world-class airline.
Taking to Twitter, Union civil aviation minister Jyotiraditya M. Scindia wrote: “It is indeed noteworthy that the disinvestment process of Air India has been brought to a successful conclusion in a time-bound manner. This proves the government’s ability, and the resolve to carry out disinvestment effectively in non-strategic sectors in the future."
Meanwhile, Tata Group acknowledged PM Narendra Modi's commitment to reforms and faith in India's entrepreneurship spirit
The Tata company will also receive Air India Express and a 50% share in Air India SATS as part of the acquisition. The government sold Air India to Talace Private Limited, a subsidiary of the Tata group's holding firm, for Rs 18,000 crore in October of last year. Tatas had outbid a consortium led by SpiceJet entrepreneur Ajay Singh and the government's reserve price of 12,906 crore for the sale of its 100% in the loss-making carrier.
Tatas established Tata Airlines in 1932, which was eventually renamed Air India in 1946. The airline was taken over by the government in 1953, but JRD Tata remained its chairman until 1977. The handover would mark Air India's return to Tatas after a 69-year absence.
Also Read | Tatas likely to takeover Air India on January 28, to introduce first change from today
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