Tata Group has become the winning bidder for Air India. The airline was originally founded by the group as Tata Airways until 1953 when it was renamed.
Tata and Air India are being reunited after almost 70 years.
The group bid $2.4 billion for the flag carrier along with its Air India Express subsidiary. The Indian Government will turn over the assets of both airlines once the deal is finalized.
Once completed, Air India and Air India Express will operate under an investment group, formally named Talace Pvt Ltd, which is also the wholly-owned subsidiary of the Tata Sons Group.
The group currently has two Indian joint ventures with Singapore Airlines and AirAsia as Vistara Air and AirAsia India. The future of these two carriers is uncertain with this purchase.
The story of how Tata Airlines became Air India: