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The Government of India had started the dare and controversial exercise to disinvestment from the Public Sector Assets. Under the exercise, the assets were kept on a bid and the enthusiasts bought a few assets. India's value-based corporation Tata Groups had won the bid for Air India.
After completion of the process, Air India was formally handed over to Tata Group and the group had welcomed Air India back to it with full josh and enthusiasm. Air India's operations were transferred to Tata Group from today. Air India CMD Vikram Dev Dutt and Tata Sons chairman Natarajan Chandrasekaran met as per the formality.
As the Air Lines which is in deep debt was transferred to Tata Groups, the Chairman of the group met the Indian Prime Minister after the meeting with the Air India Chairman. Calling it the transition of ages, the Tata Groups said that it will work for the motto to make Air Travel affordable.
Expressing the happiness of taking over Air India, the group had welcomed the employees and staff of Air India into their group and said that they are eagerly waiting to work together with them.
"#FlyAI: A brand new chapter unfolds for Air India as part of the Tata Group. Two iconic names come together to embark on a voyage of excellence. Looking forward to soaring high propelled by our rich legacy & a shared mission to serve our Nation.Welcome Aboard. @TataCompanies," Air India said in a note.
More than the business aspect, the take over is welcoming back the airlines. Air India was initially started by the Tata Group back in 1932. However, the airline was nationalised two decades after its inception. Now Air India has finally reached its founders.