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Home Economy

Tata officially completed takeover of Air India

January 29, 2022
in Economy
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Tata officially completed takeover of Air India
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In news- Recently, the Tata Group has regained control of Air India, 69 years after the Mumbai-based conglomerate relinquished its stake in the airline to the Central government. It was officially confirmed by the Department of Investment and Public Asset Management (DIPAM).

History of Air India-

 

    • Air India was started in 1932 by Tata Group’s former Chairman Jehangir Ratanji Dadabhoy (J.R.D.) Tata was the nation’s first carrier, flying mail between Karachi, then a part of undivided British-ruled India, and Bombay.
    • It was then known as Tata Airlines and was renamed Air India only in 1946. 
    • After the country got independence, the airline was nationalized in 1953 by the then prime minister Jawaharlal Nehru.
    • Nationalization created two corporations—one for domestic service, called Indian Airlines Corporation (merging Air-India Limited with six lesser lines), and one for international service, Air-India International Corporation. 
    • The latter’s name was abbreviated to Air-India in 1962. 
    • In fact, industrialist JRD Tata served as the chairman of Air India till 1977.
  • After India began allowing private airlines in 1994, Air India struggled to remain competitive. 
  • It began posting losses in 2007 and merged with Indian Airlines later that year to form National Aviation Company of India Ltd. (NACIL; renamed Air India Ltd. in 2010). 
  • After accumulating billions of dollars in debt over the next decade, the government began looking to privatize the company in 2017. 
  • In October 2021, the Tata Group emerged as the winning bidder for 100% of Air India (including the airline’s 100% stake in budget airline Air India Express and 50% stake in ground handling firm AI-SATS), having placed a bid of Rs 18,000 crore. 
  • Of this amount, Tatas have taken over Rs 15,300 crore worth of debt and Rs 2,700 crore to be paid to the government in cash.

 

 

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Source: The Indian Express
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