The long-awaited process of the Government relinquishing ownership of Air India has finally come to an end. The Government has declared that Tata Sons, India’s oldest and largest corporation, will be the new owner of the country’s debt-ridden national airline Air India.
The conglomerate has had a roller coaster ride in Indian civil aviation history, from the first airmail service flight from Karachi to Bombay in October 1932 with JRD piloting a Puss Moth aircraft to Ratan Tata wresting control of Air India 89 years later.
Governments have sought unsuccessfully to sell the money-losing airline throughout the years. According to Tuhin Kanta Pandey, secretary of the Government’s Department of Investment and Public Asset Management, Tata Sons presented the winning bid of 180 billion rupees (US$2.4 billion) as the enterprise value of Air India.
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