India’s Tata Group took control of state-run carrier Air India on Thursday, finalising a $2.4 billion deal to regain ownership of the airline after nearly 70 years.
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The auto-to-steel conglomerate in October won the bid to take over Air India, seen as a victory for Prime Minister Narendra Modi’s government that for years struggled to privatise the financially troubled airline.
“We are excited to have Air India back in the Tata Group and are committed to making this a world-class airline,” Tata Sons chairman N Chandrasekaran said in a statement.
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