India sells struggling Air India back to Tata conglomerate

Tea-to-software Indian giant Tata is buying back Air India, 89 years after founding it as Tata Air and half a century following its nationalization, the government said Friday. The 180-billion-rupee ($2.4-billion) deal marks the end of a lengthy effort to privatise the heavily-indebted flag carrier that according to the government has eaten up 1.1 trillion rupees ($14.7 billion) in public money since 2009. The airline was founded in 1932 with the first flight piloted by Tata's eponymous… (www.yahoo.com) Ещё...