The handover has come as a culmination of the government's attempt to transfer the ownership of the lossmaking airline to a private owner. The airline never made profit since its merger with Indian Airlines in 200708 and reported a loss of Rs 7,017 crore in FY21.
The acquisition gives Tatas 100 per cent ownershipin Air India, its low-cost subsidiary Air India Express and 50 per cent stake in ground handling firm AISATS.
Following the takeover, Tata group chairman N Chandrasekaran indicated that there will be changes in functioning of the company.
“My first flight was with Air India in December 1986 and I will never forget how special it felt to be on-board, or the exhilaration as we soared into the sky.
This story is from the January 28, 2022 edition of Business Standard.
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This story is from the January 28, 2022 edition of Business Standard.
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