Tata group regains control of debt-laden Air India
ABC News
Tata Sons, India’s oldest and largest conglomerate, has regained ownership of the country’s debt-laden national carrier Air India
NEW DELHI -- Tata Sons, India’s oldest and largest conglomerate, has regained ownership of Air India, the country’s debt-laden national carrier.
Tata pioneered commercial aviation in India when it launched the airline in 1932. It was taken over by the government in 1953.
Tata Sons Chairman N. Chandrasekaran met with Prime Minister Narendra Modi on Thursday ahead of a meeting with Air India officials. In October, Tata's 180 billion rupee ($2.4 billion) bid for the carrier prevailed over a smaller bid by India SpiceJet chief Ajay Singh.
``We are delighted that this process is complete. Happy to have Air India back and we hope to create a world-class airline,″ Chandrasekaran told reporters.
