Air India has formally gone into the
hands of TATA group today. As a result of this privatisation Air India has again
approached its old owner TATA Group. The airline was launched in 1932 by former
TATA Group chairman JRD TATA. The government had sold Tata Group to Air India
on October 8 last year through a competitive auction. The
LOI was issued by the government to Tata Group 3 days after air India sales
were announced on October 8. In that letter, the government agreed
to sell 100 per cent stake in Air India to the company. The central government
received the sale on October 25 and signed it with the agreement company.
As per the agreement, Tata Group has a provision to sell
50 per cent stake in Air India Express and ground handling arm AISATS. However,
it is not clear when Air India flights will run under TATA banners.
Some other banks led by State Bank of
India are ready to lend to TATA Group for Air India. Other banks include Punjab
National Bank, Bank of Baroda. Banks have agreed to provide loans for better
management of loss making Air India. Tata Sans chairman N-Chandrasekhar today
met Prime Minister Narendra Modi ahead of the acquisition of Air India. The
prime minister's office has released a photo of the meeting between PM Modi and
N-Chandrasekhar.
TATA Group will give the highest
importance to timely flight. At the same time, some other changes will also be
brought about by the company. The seating arrangements have been changed. The
company is expected to improve the quality of food delivery on flights in the
coming days. Ratan tata recorded inside the plane will also be heard.
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