![Struggling Air India sold after 69 years in govt hands](https://www.portugalcolonial.pt/media/shared/articles/6c/c6/36/Struggling-Air-India-sold-after-69--699284.jpg)
-
Raducanu rediscovers Wimbledon 'fun' factor after turbulent spell
-
Winning all that matters at Euro 2024 for Mbappe's minimalist France
-
Eight dead, two million affected by Bangladesh floods
-
Robertson pleased to 'find a way' past England in tough Test baptism
-
Martin sets lap record to secure German MotoGP pole
-
'Shattered' Germany set sights on World Cup after Euros exit
-
Olympic hope Pedersen pulls out of Tour de France
-
Djokovic eyes sweet 16 at Wimbledon as Swiatek takes on 'gangster'
-
End beckons again for Ronaldo after Portugal Euros KO
-
New Zealand edge England 16-15 in tense, brutal first Test
-
Turkey take on Dutch in politically charged Euros quarter-final, England face Swiss
-
Calling for better ties with West, Iran reformist wins presidency
-
Cybercrime groups restructuring after major takedowns: experts
-
Activists hail Sierra Leone child marriage ban, urge action on FGM
-
Marsch relishing Canada's semi clash with Argentina
-
Canada stun Venezuela on penalties to reach Copa semis
-
Iran reformist Pezeshkian holds early lead in runoff vote
-
Swiatek faces 'gangster' threat, Djokovic feels need for Wimbledon speed
-
France holds its breath ahead of uncertain vote
-
Starmer begins UK 'rebuild' after landslide election win
-
Paris's Moulin Rouge inaugurates new windmill sails ahead of Olympics
-
Pan, Rai share halfway lead in PGA John Deere Classic
-
'I was feeling terrible' in debate, Biden says in TV interview
-
France coach Deschamps savours ending penalty hoodoo, defends Mbappe
-
Thompson bids farewell to Warriors after exit
-
Portugal exit Euros with pride, will return stronger: Martinez
-
UK's new PM Starmer speaks to world leaders, names top team
-
Spain and France to face off in Euros last four, Turkey lament 'unfair' Demiral ban
-
Israel says negotiators to hold fresh Gaza truce talks next week
-
France beat Portugal on penalties to reach Euro 2024 semi-finals
-
Endrick to start for Brazil in Uruguay Copa clash: Dorival
-
Heartbreak for Germany fans after dramatic Euros exit
-
Beryl heads for Texas after causing damage, no deaths in Mexico
-
Nagelsmann laments late penalty decision as hosts Germany exit Euros
-
Biden declares he's all in ahead of high-risk TV interview
-
Spain team 'is a winning horse', says De la Fuente
-
Bows at the ready, Chad villagers battle kidnappings
-
Alcaraz mimics Bellingham goal celebration after Wimbledon win
-
Olmo hopes Pedri can make speedy return for Euros semi-finalists Spain
-
Retiring Kroos hopeful despite Germany's 'bitter' Euros exit
-
Southgate turns on English 'entitlement' over claims of easy Euros draw
-
Merino extra-time goal sends Spain past Germany to Euro semis
-
Koeman demands Dutch silence fervent Turkish fans at Euros
-
Brad Pitt at Silverstone for filming of F1 movie
-
Raducanu storms into Wimbledon last 16
-
California fires spread in July 4 weekend heatwave
-
Alcaraz wins five-set Wimbledon thriller as Gauff eases through
-
Demiral Euros ban 'unfair' but Turkish pride will grow, says coach Montella
-
Gauff overpowers qualifier to reach Wimbledon fourth round
-
Vinales sets German MotoGP lap record as Marquez goes flying
![Struggling Air India sold after 69 years in govt hands](https://www.portugalcolonial.pt/media/shared/articles/6c/c6/36/Struggling-Air-India-sold-after-69--699284.jpg)
Struggling Air India sold after 69 years in govt hands
India's beleaguered national carrier landed back in the hands of its founders Thursday, decades after it was nationalised and following years as a monumental burden on the public purse.
Tata, a sprawling family-owned conglomerate with interests ranging from tea to software, is back in charge of Air India after concluding the 180 billion rupee ($2.4 billion) deal.
Thursday's handover marked the end of a long search for a buyer by India's government, which has spent nearly $15 billion propping up the airline since 2009.
"We are totally delighted that this process is complete and very happy to have Air India back," Tata Sons chairman N. Chandrasekaran told reporters after meeting with Prime Minister Narendra Modi.
"We look forward to working with everyone to create a world-class airline."
Air India was founded in 1932 and its maiden flight was piloted by J.R.D. Tata, then-chairman of the eponymous firm.
The airline offered a slice of the high life, showcasing Bollywood actresses in its advertisements and even commissioning Spanish surrealist Salvador Dali to design its ashtrays.
India's newly independent government bought a majority stake in 1953 but by the end of the century the venture was struggling to compete with Gulf carriers and no-frills airlines.
Successive Indian governments tried to privatise the company but its huge debts and New Delhi's insistence on retaining a stake -- since abandoned -- put off would-be buyers.
Tata will take on around a quarter of Air India's 615 billion-rupee debt, while the remainder will be transferred to a special-purpose vehicle.
In return it gets a fleet of around 120 aircraft, 6,200 airport gate slots in India and a further 900 overseas for a carrier that operates half of all international flights from India.
Analysts believe the deal will give the struggling airline a much-needed lift.
"Air India is one of the most neglected government organisations ever. Now that freshness will come back," aviation sector analyst Mark Martin told AFP.
"We'll see an Air India which is more bright, more chirpier, more customer-friendly, more people-oriented."
Tata Group is one of India's biggest and oldest companies with a workforce of more than 800,000 people across steelmaking, automobiles and tech.
It already owns a 51 percent stake in rival airline Vistara alongside minority partner Singapore Airlines and a majority stake in AirAsia's Indian operations.
India's government is planning to sell off a suite of other public assets including oil and gas corporation Bharat Petroleum and insurance agency LIC.
A.F.Rosado--PC