The Tata Group officially took over national carrier Air India from the Centre on January 27. In a tweet after the takeover, Air India said two iconic names have come together to undertake a journey of excellence.
Air India added that a brand-new chapter has unfolded for it. “Looking forward to soaring high propelled by our rich legacy and a shared mission to serve our Nation,” the airline tweeted. “Welcome Aboard Tata Group.”
Meanwhile, Tata Group said: “Your arrival was much awaited.”
Air India has returned to the conglomerate after nearly 69 years. It was founded by JRD Tata in 1932 and known as Tata Airlines before being converted into a public company.
History came full circle after Tata won a Rs 18,000-crore bid in October, 2021 to acquire the debt-laden airline.
Tata Group takes full control of the airline. According the deal, Tata Group had to pay Rs 2,700 crore in cash and take over Rs 15,300 crore of the airline’s debt. The deal also includes sale of Air India Express and ground handling arm AISATS.
Tata Sons Chairman N Chandrasekaran expressed happiness about the completion of the Air India takeover process.
Chandrasekaran said the group will focus on bringing down the operational costs of Air India and improving its performance in an effort to create a world-class airline.
Tata Group will set up a new board to manage Air India's daily operations. The former board of Air India, including ex-Chairman and Managing Director Vikram Dev Dutt, have resigned.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
