'Your arrival was much awaited': Tata Group officially takes over Air India

The government on Thursday officially handed over Air India to the Tata Group. Tata Sons chairman N Chandrasekharan said the group is very happy to have Air India back in its fold.

Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey told reporters that Air India has been handed over to Talace Private Limited, a subsidiary of the Tata Group's holding company, which is the successful bidder.

"Now, the new owners (of the airline) are Talace," Pandey noted.

Speaking to reporters here, Chandrasekharan said, "We are totally delighted that the takeover process of Air India is complete."

"We are very happy to have Air India back in the Tata group. We look forward to working with everyone to create a world-class airline," he added.

After a competitive bidding process, the government had on October 8 last year sold Air India to Talace Private Limited for Rs 18,000 crore.