New Delhi: With the Center officially handing over Air India to the Tata Group, the group got back its entity after 69 years on Thursday.
Civil Aviation Minister Jyotiraditya Scindia termed the handover as a “win-win situation” for the stakeholders concerned, the government and the Tata group. He further added that the transaction represents a “massive boom” in the civil aviation sector.
“I think it is a win-win situation for the government and all concerned stakeholders for the Tata Group. This transaction represents a huge quantum jump in terms of capabilities in the civil aviation sector,” the minister said.
I think it is a win-win situation for the Government and all concerned stakeholders for the Tata Group. This transaction represents a huge jump in capabilities in the civil aviation sector: Civil Aviation Minister Jyotiraditya Scindia #Air India pic.twitter.com/1tsMT4LYLS
— ANI (@ANI) 28 January 2022
Air India, started by the Tata Group in 1932, was nationalized in 1953 by the then Prime Minister Jawaharlal Nehru.
Scindia termed the decision to nationalize the airline as a “wrong step” and said the current disinvestment has put 69-year-old history in perspective. “It represents the culmination of a long process that took almost 20 years to finish. It also sets in the perspective of a 69-year-old history that was started on the wrong foot by nationalizing an airline that actually belonged to the private sector, going back to the private sector,” he said.
The civil aviation minister said the airline was incurring a loss of around Rs 20 crore as the daily loss can be made in areas where social development is required. “A carrier that had a loss of Rs 85,000 crore in the last 14 years, was making a loss of about Rs 20 crore per day, that money can be used more for areas where social development is required. ..” They said.
The Center on Thursday officially handed over Air India to the Tata group after 100 per cent shares of Air India were transferred to Tales Pvt Ltd, a wholly owned subsidiary of Tata, with management control.
Tata Sons Chairman N Chandrasekaran said the group is very happy to have Air India back after 69 years. “We are absolutely delighted that the acquisition process of Air India has been completed. We are very happy to have Air India back in the Tata Group. We look forward to working with everyone to build a world-class airline,” he said, as reported by PTI.
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