Air India handed over to Tata Group

The government officially handed over Air India to the Tata Group on Thursday, nearly 69 years after it was taken from the Mumbai-based conglomerate.

The handover took place at the airline's headquarters here this afternoon.

Tata Sons chairman N Chandrasekharan said the group is very happy to have Air India back in its fold.

Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey told reporters that Air India has been handed over to Talace Private Limited -- a subsidiary of the Tata Group's holding company -- which is the successful bidder.

''Now, the new owners (of the airline) are Talace,'' Pandey noted.

The complete payment of Rs 2,700 crore has been received by the government and it has transferred the shares, he said.

The entire debt of Rs 15,300 crore has also been accepted by the Tatas. All the processes are complete, he added.

Pandey said the new board is holding a meeting now.

''So, we have handed (over the airline to) them. As we speak, they (Tata Sons) are the new owners,'' he said.

After a competitive bidding process, the government had on October 8 last year sold Air India to Talace Private Limited for Rs 18,000 crore.

Speaking to reporters here, Chandrasekharan said, ''We are totally delighted that the takeover process of Air India is complete.'' ''We are very happy to have Air India back in the Tata Group. We look forward to working with everyone to create a world-class airline,'' he added.

Air India was started by the Tata Group in 1932. However, after the country got independence, the airline was nationalised in 1953 by the then prime minister Jawaharlal Nehru.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)