Tata pioneered commercial aviation in India when it launched the airline in 1932. It was taken over by the government in 1953.
Tata Sons Chairman N. Chandrasekaran met Prime Minister Narendra Modi on Thursday ahead of a meeting with Air India officials. In October, Tata's Rs180 billion ($2.4 billion) bid for the carrier prevailed over a smaller bid by India SpiceJet chief Ajay Singh.
“We are delighted that this process is complete. Happy to have Air India back and we hope to create a world-class airline,″ Chandrasekaran told reporters.
Tata will absorb Rs153 billion ($2 billion) of the airline’s more than Rs615 billion ($8.2 billion) debt burden, a government statement said.
It takes control over a fleet of 121 Air India aircraft and 25 planes of its subsidiary Air India Express, which operates low-cost flights to more than 30 destinations in India, the Middle East and Southeast Asia, the Press Trust of India news agency said.
As part of its economic reform agenda, the Modi government has pledged to sell more than a dozen loss-making government-run companies. An initial sale attempt by the government in 2018 failed to attract any bidders for Air India.
The Tata group is a sprawling collection of nearly 100 companies that includes the country’s largest automaker, the largest private steel company and a leading outsourcing firm. The companies employ more than 350,000 people around the world. Tata bought Jaguar and Land Rover for $2.3 billion from Ford in June 2008.
Tata also runs a budget airline, Air Asia India, in cooperation with Malaysian carrier Air Asia Berhad, and a full-service carrier, Vistara, with Singapore Airlines.
Air India serves 101 destinations including 57 domestic routes and has flights to 33 countries on four continents.
The buzz in aviation circles is getting louder that the Tata group could be in the Air India’s cockpit as early as the New Year, if it is the sole eligible bidder for India’s national carrier.
A number of airlines have been hit by data breaches in recent years. British Airways was fined $28 million last year by a British watchdog after details of 400,000 passengers were lost in a 2018 cyberattack.
India is looking to take a giant leap in its space programme and solidify its place among the world's spacefaring nations with its second unmanned mission to the moon, this one aimed at landing a rover near the unexplored south pole.
Military spokesperson Ghafoor has strongly responded to Indian Home Minister Amit Shah’s comments regarding 'strike on Pakistan' comments after Indian defeated Pakistan by 89 in World Cup match in Manchester.
The UAE government and the World Economic Forum (WEF) (Davos 2022) have announced the signing of a sustainable global strategic partnership agreement that ushers in a new era of continuous, fruitful bilateral cooperation over the past two decades.
Sheikh Sultan Bin Mohammed Bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and Chairman of the Sharjah Executive Council, in the presence of Sheikh Abdullah Bin Salem Bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy
Dubai Chamber of Digital Economy – one of the chambers operating under Dubai Chambers – recently held a meeting with Equiti Group at its headquarters, which aimed to explore new ways to boost the growth of digital economy sectors.
The German economy grew slightly in the first quarter from the previous one, data showed, with higher investments offset by the twin impacts of war in Ukraine and COVID-19 that experts predicted would weigh more heavily in the three months to June.