New Delhi: Tata Sons regained management of debt-laden Air India – 68 years years after its nationalisation – by making a successful bid of Rs 18,000 crore for buying 100 per cent shareholding. Tatas’ bid of Rs 18,000 crore contains taking on of 15,300 crore of debt and paying the remaining in money.
Welcome again, Air India pic.twitter.com/euIREDIzkV
— Ratan N. Tata (@RNTata2000) October 8, 2021
Return of Air India to the Tatas after 68 years
Jehangir Ratanji Dadabhoy (JRD) Tata based the airline in 1932. It was known as Tata Airways then. It operated solely home flights at the moment.
In 1946, the aviation division of Tata Sons was listed as Air India. In the identical 12 months, the airline adopts its extensively recognised `Maharaja` mascot. In 1948, Air India Worldwide was launched with flights to Europe.
The worldwide service was among the many first public-private partnerships in India, with the federal government holding 49 per cent, the Tatas maintaining 25 per cent and the general public proudly owning the remaining. In 1953, Air India was nationalised and was cut up into two – a home airline and a world provider. When the Jawaharlal Nehru nationalised Air India, JRD fought vehemently towards it.
“It’s mentioned that Tata group executives used to complain in personal that JRD — the pioneer of the Indian aviation trade — spent extra time worrying about Air India than the Tata group when he was heading each the entities. Nonetheless, in addition they knew heading Air India as Chairman was by no means only a job however was a labour of affection to him,” PTI reported on the founder’s ardour for Air India.
“Contemplating the respect for legacy that the group has, it’s due to this fact not a shock that the Tatas shelled out a lot (Rs 18,000 crore) to take again Air India. It is a group that did not thoughts investing Rs 2 lakh again then in 1932 to start out Tata Aviation Service, the precursor of Tata Airways and Air India. From the primary airmail service flight from Karachi to Bombay in October 1932 with JRD steering a Puss Moth plane to wresting management of Air India 89 years later, the conglomerate has had a curler coaster experience within the Indian civil aviation historical past,” writes the information company.