Tata regains Air India control in privatisation victory for Modi
NEW DELHI (Reuters) -India’s Tata Group took control of state-run carrier Air India on Thursday, regaining ownership of the airline after nearly 70 years and marking a victory for Prime Minister Narendra Modi’s privatisation push.
The auto-to-steel conglomerate in October won the bid https://reut.rs/3AyAZTz to take over Air India in a $2.4 billion equity and debt deal, ending years of struggle to privatise the financially troubled airline that was kept afloat using taxpayer funds.
The Air India strategic disinvestment transaction has been completed today with the government receiving about $360 million in equity and Tata taking over more than $2 billion of Air India’s debt, the finance ministry said in a statement.
