Wednesday, 18 May, 2022, 8:22 AM
Advance Search
latest
Home Business

Air India officially handed over to Tatas

Published : Thursday, 27 January, 2022 at 8:25 PM  Count : 680

Air India officially handed over to Tatas

Air India officially handed over to Tatas


India's national carrier, Air India, has been officially handed over to the Tata Group, which bought the debt-ridden airline in October last year.

The Tatas paid nearly $2.4bn (£1.7bn) after the government made the terms of the debt less onerous for the buyer.

The salt-to-steel conglomerate founded the airline in 1932 before it was taken over by the government in 1953.

The handover brings to an end a years-long attempt to sell Air India, which has racked up losses worth $9.5bn.

Tata Group chairman Natarajan Chandrasekaran met Prime Minister Narendra Modi on Thursday before the handover.

The existing board of directors for the airline has resigned, making way for a new board appointed by the Tata Group.

It's unclear when Air India will begin flying under the Tata banner.

The airline called the deal a "brand new chapter" in its history. "Two iconic names come together to embark on a voyage of excellence," it wrote on Twitter.



« PreviousNext »



Latest News
Most Read News
Editor : Iqbal Sobhan Chowdhury
Published by the Editor on behalf of the Observer Ltd. from Globe Printers, 24/A, New Eskaton Road, Ramna, Dhaka.
Editorial, News and Commercial Offices : Aziz Bhaban (2nd floor), 93, Motijheel C/A, Dhaka-1000. Phone: PABX 223353467, 223353481-2; Online: 9513959; Advertisement: 9513663.
E-mail: [email protected], [email protected], [email protected], [email protected],   [ABOUT US]     [CONTACT US]   [AD RATE]   Developed & Maintenance by i2soft