India’s Tata back in charge of Air India after 69 years

India’s Tata back in charge of Air India after 69 years

MUMBAI: Air India, India’s ailing national carrier, landed back in the hands of its founders on Thursday decades after it was nationalized and following years as a monumental burden on the public purse. Tata, a sprawling family-owned conglomerate with interests ranging from tea to software, is back in charge of Air India after concluding the 180 billion rupee ($2.4 billion) deal. The handover marked the end of a long search for a buyer by India’s government, which has spent nearly $15 billion propping up the airline since 2009. “We are totally delighted that this process is complete and very happy to have Air India back,” Tata Sons chairman N Chandrasekaran told reporters after meeting with Prime Minister Narendra Modi.

“We look forward to working with everyone to create a world-class airline.” Air India was founded in 1932 and its maiden flight was piloted by JRD Tata, then-chairman of the eponymous firm. The airline offered a slice of the high life, showcasing Bollywood actresses in its advertisements and even commissioning Spanish surrealist Salvador Dali to design its ashtrays. India’s newly independent government bought a majority stake in 1953 but by the end of the century the venture was struggling to compete with