Tata Sons Chairman N Chandrasekaran met Prime Minister Narendra Modi on Thursday ahead of the official handover of Air India.
The Tata Group is expected to take full control of the airline, founded in 1932. The cash component of the deal would come once the handover process is completed.
The Tata Group would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt. The deal also includes the sale of Air India Express and ground handling arm AISATS.
Also Read | Stage set for Air India handover to Tata Group
This will mark the return of Air India to the Tata fold after 67 years. The Tata Group had founded Air India as Tata Airlines in October 1932. The government nationalised the airline in 1953.
According to media reports, the Air India Board is expected to resign on Thursday and Tata nominees will likely replace the government members.
More to follow...
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