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AP National Business

Tata group regains control of debt-laden Air India

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Published 4:05 AM

By ASHOK SHARMA
Associated Press

NEW DELHI (AP) — Tata Sons, India’s oldest and largest conglomerate, has regained ownership of the country’s debt-laden national carrier Air India. Tata launched Air India in 1932 and 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 Sons’ 180 billion rupee, or $2.4 billion, bid for the carrier prevailed over a smaller bid by India SpiceJet chief Ajay Singh. As part of its economic reform agenda, the Modi government has pledged to sell more than a dozen loss-making government-run companies. An initial sale attempt by the government in 2018 failed to attract any bidders for Air India.

Article Topic Follows: AP National Business

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