The privatization of the airline Air India was completed on Thursday. The new owner is the Tata Group, whose legal predecessors originally founded the carrier.
In 1953 Air India was nationalized by the then government. A few years ago, they wanted to part with the financially ailing carrier, but several attempts were unsuccessful. Tata Sons was awarded the contract in a renewed attempt.
According to the announcement, the agreed purchase price was paid to the state on Thursday. At the same time, the previous management resigned. Tata Sons completely reshuffles Air India's leadership. The company is also to be closely linked with Air Asia India and Air India Express.