Air India, or the much adored ‘Maharaja’, landed back in the hands of its founders, the Tatas, on 27th January, 2022, nearly seven decades after it was nationalised and following years in debt. Last year, in October, the Tata Group reclaimed the airline, after winning the bid for ₹18,000 crore. The historic handover marked the end of a long search for a buyer by the government, which has spent nearly crores propping up the airline since 2009.
The nation’s foremost and most respected industrialist, Ratan Tata, Chairman Emeritus of Tata Sons, released a special message, as a voice note, welcoming the passengers onboard Air India flights, on 2nd February, 2022, via Air India’s official Twitter handle, which said, “The Tata group welcomes Air India’s new customers and is excited to work together to make Air India the airline of choice in terms of passenger comfort and service.” The Tata Group has shared that it will focus on smart and well-groomed cabin crew members, better on-time performance of flights, calling passengers as “guests” and enhanced in-flight meal service.
N Chandrasekaran, Chairman of Tata Sons, first called on PM Narendra Modi before heading to the Air India office, where the takeover formalities were completed. The management takeover was formalized by a new Board of Directors, thereafter. Air India will be the third airline of the Tata Group, which already operates Vistara (in joint venture with Singapore Airlines) and AirAsia India (in partnership with AirAsia Group).
Tatas took over ₹15,300 crore of debt in Air India and Air India Express Ltd., while the remaining ₹46,262 crore loan plus an outstanding of about ₹15,000 crore towards unpaid fuel bills, were paid off by the government.
Air India will give Tatas immediate access to valuable flying rights and landing slots and it will also gain control of low-cost, short-haul international carrier Air India Express and a 50% stake in a ground handling company with SATS Ltd. Tatas cannot retrench any employee for at least a year, according to the terms of the deal.
In October 2021, Ratan Tata had shared an emotional note, after the salt-to-software conglomerate was declared as the winner of the Air India bid. He expressed joy over the homecoming moment by recalling Jehangir Ratanji Dadabhoy Tata, who in 1932, started Tata Airlines, as the nation’s first carrier, flying mail between Karachi in then-undivided, British-ruled India and Bombay. It was renamed Air India in 1946, before it got nationalised in 1953. “Mr. JRD Tata would have been overjoyed if he was in our midst today,” he shared in an Instagram post. “On an emotional note, Air India, under the leadership of Mr JRD Tata had, at one time, gained the reputation of being one of the most prestigious airlines in the world… Tatas will have the opportunity of regaining the image and reputation it enjoyed in earlier years,” he added.
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