CURRENT AFFAIRS

Detailed explanation-1: -The Tata group would pay Rs 2, 700 crore cash and take over Rs 15, 300 crore of the airline’s debt. The transaction was to be completed by December 2021, but the deadline was later extended till January 2022, owing to longer-than-expected time taken to complete procedural work.

Detailed explanation-2: -Air India, an airline fully owned by Tata Sons, has been the flag carrier of India. Tata Sons, via its fully owned subsidiary, Talace Private Limited (“Talace)”, had acquired 100% stake in Air India on 27th January 2022.

Detailed explanation-3: -Tata would continue as Chairman until 1977. The company was renamed as Air India International Limited and the domestic services were transferred to Indian Airlines as a part of a restructuring.

Detailed explanation-4: -Indian conglomerate Tata Group has set a completion date of 2024 for the merger of its airline companies under a single brand, Air India, as reported by The Indian Express. The group currently owns Air India and its subsidiary Air India Express, as well as a 83.67% stake in AirAsia India and a 51% interest in Vistara.

Detailed explanation-5: -Tata Sons has roped in London-based brand and design consultancy firm Futurebrands to redraw Air India’s branding strategy.