The Tata Group on Thursday regained ownership of Air India, 69 years after the airline was nationalised. The salt-to-software conglomerate promised to turn the loss-making carrier into a world-class airline.
The handover has come as a culmination of the government’s attempt to transfer the ownership of the loss-making airline to a private owner. The airline never made profit since its merger with Indian Airlines in 2007-08 and reported a loss of Rs 7,017 crore in FY21.
The acquisition gives Tatas 100 per cent ownership in Air India, its low-cost subsidiary Air India Express and 50 per cent stake in ground handling firm AISATS.