It's a photograph that will go down in history. As Indian government officials sign a share purchase agreement with Tata Sons for the long-pending divestment of national carrier Air India.
The parent company of India's best known conglomerate won the bid to acquire the airline in early October. Tata Sons made the winning offer of Rs 18,000 crore. This returns the airline to its founding group.
JRD Tata launched Air India as a mail service in 1932. In the 1950s it was nationalised along with several other private airlines. Over time the airline suffered deep loses and piling debt and efforts to sell it failed.
On Oct. 26, 2021 the government signed documents to finalise its return.
Share Purchase Agreement signed today by Government with Tata Sons for strategic disinvestment of Air India. pic.twitter.com/DRjKODxGbM
When the win was first announced, Tata Group's former chairman, Ratan Tata welcomed it by harking back to the JRD days. "Mr. JRD Tata would have been overjoyed if he was in our midst today," said Tata in a post on Twitter.
Tata Sons Chairman N Chandrasekharan described the win as a historic moment, in an emailed statement. “At the Tata group, we are delighted to be declared as the winner of the bid for Air India. This is a historic moment, and it will be a rare privilege for our Group to own and operate the country's flag bearer airline."
→ Also Read
What Tata Sons Paid To Get Air India Back
Tata May Have Gotten Air India For Cheap, But Running It Won't Be
An Air India Insider's Playbook For Tata
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
