Tata Sons vows to rebuild Air India after $2.4 billion winning bid
Tata Sons has vowed to restore debt-laden Air India’s reputation after the company’s $2.4 billion winning bid for the flag carrier was confirmed on Friday. Read More » The win over SpiceJet ended a three year privatisation process and brought Air India and its 117 aircraft into a portfolio that includes Tata’s joint venture with Singapore Airlines, Vistara, and the majority-owned AirAsia India. It also returned the airline to the business that launched its forerunner in 1932 under entrepreneur J. R. D. Tata and controlled it until privatisation in 1953. Tata Sons chairman emeritus, Ratan Tata, said J. R. D., who continued to lead Air India as chairman after privatisation, would have been overjoyed by the acquisition. “While admittedly it will take considerable effort to rebuild Air India, it hopefully will provide a very strong market opportunity for the TATA Group’s presence in the aviation industry,’’ he tweeted. “On an emotional note, Air India, under the leadership of Mr J. R. D. Tata at one time gained the reputation of being one of the most prestigious airlines in the world. Tata’s will have an opportunity of regaining the image it enjoyed in earlier years.” Also on Twitter, Tata Sons chairman, Natarajan Chandrasekan, described the winning the bid as an historic moment and was a rare privilege for the group to own India’s flag carrier. “It will be our endeavour to build a world-class airline that will make every Indian proud,” he said.