Tata regains Air India control in privatization victory for Modi
- Location: 1692, Manipur, India
By Aditi Shah
NEW DELHI, Jan 27 (Reuters) - India's Tata Group took control of state-run carrier Air India on Thursday, regaining ownership of the airline after nearly 70 years and marking a victory for Prime Minister Narendra Modi's privatization push.
The auto-to-steel conglomerate in October won the bid website to take over Air India in a $2.4 billion equity and debt deal, ending years of struggle to privatize the financially troubled airline that was kept afloat using taxpayer funds.
The Air India strategic disinvestment transaction has been completed today with the government receiving about $360 million in equity and Tata taking over more than $2 billion of Air India's debt, the finance ministry said in a statement If you beloved this short article and you would like to get a lot more information pertaining to joker123 kindly go to our own web-site. .
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