Air India returns to Tata home after 69 yrs.

Why In News

• The Air India strategic disinvestment transaction has been completed with Government.
• The Share Purchase Agreement (SPA) was signed on 25 October, 2021. Thereafter, Strategic Partner (Talace Pvt Ltd), Air India and the Government worked towards satisfying a set of conditions precedent defined in the SPA including approvals from anti-trust bodies, regulators, lenders, third parties, etc.

About Air India

• It was founded as Tata Airlines (division of Tata Sons Ltd) in 1932 by J R D Tata.
• In July 1946 it became a Public Ltd Company with the name of Air India.
• 49% of the stake in Air India was acquired by the Government of India in 1948 (with an option to purchase an additional 2%)
• The government nationalized the carrier in 1953 and passed the Air Corporations Act 1953, which provided the monopoly rights to Air India and its associates.
• In 2007 the decision to merge Air India with Indian Airlines to form NACIL (National Aviation Company of India Ltd) was taken.