Tata Sons Private Limited, on the 8th of October, Friday, took over Air India Airlines. The step is said to be a major victory for Tata Sons and the Central Government of India (GoI,) which is aiming to privatise the Indian Government run airliner.
It is to be noted, the landmark acquisition recommendation of Air India is said to be a historic event for the company. After almost 68 years, Tata Sons reacquired Air India, once upon a time launched as Tata Air Services.
Founded in 1930, Air India was originally owned by Tata Sons as Tata Air Services. Later, in 1953, six years after Independence, the then ruling Government purchased the majority stakes of Tata Air Services and relaunched it as Air India Airlines.
It is to be noted, with Tata Air Services, India also started its first national aviation services. It made its first flight operational from the 15th of October 1932, by Mr. J.R.D. Tata, a business tycoon and the founder of Tata Sons Private Limited. He was also India’s first licensed pilot who flew the first flight of Tata Air Services.
After many years, on the 1st of October, a panel of Union ministers approved the proposal and the bid of Tata Group to acquire Air India. A week later, on the 8th of October, the Government of India panel officially announced Tata Sons to be the highest bidder of Air India with Rs. 18,000 crores.
A final decision regarding the takeover, along with an agreement was taken by Mr. Amit Shah, the Union Home Minister and a Government panel. The final agreement and Transaction of the deal is expected to be closed by the end of December.
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