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India’s Tata regains control of Air India

India’s Tata regains control of Air India
Group won bid of $2.4B in October last year

By Shuriah Niazi

NEW DELHI (AA) - India’s Tata Group on Thursday took control of state-run carrier Air India.

The group had won the bid of $2.4 billion in October last year.

"We are excited to have Air India back in the Tata Group and are committed to making this a world-class airline. I warmly welcome all the employees of Air India to our Group, and look forward to working together," N Chandrasekaran, chairman of Tata Sons, said in a statement.

This deal brings Air India back in the hands of Tata after 69 years. The airline was founded in 1932 and nationalized in 1953.

“The Air India strategic disinvestment transaction has been completed today with Government receiving a consideration of Rs 2,700 crore ($360 million) from the Strategic Partner, retaining debt of Rs 15,300 crore ($2.04 billion),” said an official statement by the Finance Ministry.

The government had infused over $13.3 billion in Air India in the last decade in the form of cash and credit guarantee support but failed to make it profitable. They were left with no choice but to either sell or shut it down.

source: News Feed
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