"Looking Forward To Soaring High": Air India After Takeover By Tata Group

Tatas offered Rs 18,000 crore as part of the winning bid -- Rs 15,300 crore for Air India's existing debt and Rs 2,700 crore to be paid as cash to the government.

'Looking Forward To Soaring High': Air India After Takeover By Tata Group

On October 25, the Centre signed the share purchase agreement for the deal. (Representational)

Mumbai:

Full-service carrier Air India, under its new owner Tata Group, said on Thursday it was looking forward to soaring high, propelled by the rich legacy of the two iconic brands and their shared mission to serve the country.

"Brand new chapter unfolds for Air India as part of the Tata Group. Two iconic names come together to embark on a voyage of excellence," the airline tweeted from its official handle.

"Looking forward to soaring high propelled by our rich legacy and shared mission to serve our nation. Welcome aboard. @TataCompanies," it added.

Earlier on Thursday, the salt-to-software conglomerate took over Air India along with its low-cost international budget arm Air India Express and ground handling and cargo handling services unit AISATS, and vowed to turn around the loss-making airline, which was founded by the Tata Group but later went under government control in 1953.

"We are excited to have Air India back in the Tata group, and are committed to making this a world-class airline. I warmly welcome all the employees of Air India, Air India Express and AISATS to our Group, and look forward to working together," Tata Sons Chairman N Chandrasekaran said in a statement soon after the airline was transferred to the group.

Talace Private Limited -- a subsidiary of the Tata Group's holding company Tata Sons -- on October 8, 2021 won the bid to acquire debt-ridden Air India.

Tatas offered Rs 18,000 crore as part of the winning bid -- Rs 15,300 crore for Air India's existing debt and Rs 2,700 crore to be paid as cash to the government.

On October 11, 2021, a Letter of Intent (LoI) was issued to the Tata Group confirming the government's willingness to sell its 100 per cent stake in the airline.

On October 25, the government signed the share purchase agreement for the deal.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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