section_path: History/Post privatization (2022–present)
section_name: Post privatization (2022–present)
paragraph_text: Post privatization (2022–present)
  
  On 28 June 2017, the Government of India approved the privatisation of Air India and set up a committee to decide the details. In March 2018, the Government issued an Expression of Interest (EOI) to sell a 76% stake in Air India, along with low-cost airline Air India Express, and a 50% stake in AISATS, a ground handling joint venture with Singapore Airport Terminal Services (SATS). According to the EOI, the new owner would have to take on a debt of ₹ 33,392 crore (US$3.9 billion) and a bid would have to be submitted by mid-May as the Government wanted to complete the selling process by the end of 2018. However, no private firms showed any interest to buy a share in the debt-laden airline.
  
  Having failed to sell off a majority stake in the airline, the Government decided to completely exit the airline and invited fresh EOIs on 27 January 2020. In order to attract bidders this time, the government reduced the debt burden on Air India by moving nearly ₹ 30,000 crore (US$3.5 billion) of the company's debts and liabilities to a Special Purpose Vehicle (SPV). In view of the prevailing situation arising out of COVID-19, the last date for submission of interest was extended multiple times and the Government eventually received EOIs from seven parties by December 2020. Five of these parties were disqualified and the Government invited financial bids for Air India from the two qualified parties in September 2021.
  
  In September 2021, Spice Jet 's Ajay Singh -led consortium and Tata Sons submitted their financial bids for Air India. On 8 October 2021, Air India along with its low cost carrier Air India Express and fifty per cent of AISATS, a ground handling company, were sold for ₹ 18,000 crore (US$2.1 billion) to Tata Group. On 27 January 2022, the airline was officially handed over to Tata Group. On 14 February 2022, after its re-privatization, the airline appointed İlker Aycı, former chairman of Turkish Airlines as its new CEO and managing director to take charge on or before 1 April 2022 which did not materialize. In March 2022, Natarajan Chandrasekaran, the chairman of Tata Sons was appointed as the chairman of the airline and in May 2022, Campbell Wilson was announced as the CEO and MD.
  
  After the airline's acquisition, Tata Group began discussion on bringing the other airlines including Vistara and AirAsia India where it held a stake under a unified umbrella. In November 2022, Air India acquired AirAsia 's stake in AirAsia India, renamed it into AIX Connect and announced plans to merge it with Air India Express. On 29 November 2022, Air India announced the merger with Vistara by March 2024 with Singapore Airlines which owns a 49% stake in Vistara getting a 25% stake in the newly formed airline. Vistara brand would be discontinued post the merger and the brand will operate under the Air India name. The National Company Law Tribunal approved the merger between Air India and Vistara on 6 June 2024, followed by Singapore Airlines' FDI approval by the Indian government on 30 August 2024. On 12 November 2024, the merger between Vistara and Air India was completed.
  
  On 15 September 2022, the Tata Group announced Vihaan, a five-year transformation goal aimed at restructuring and transforming Air India in phases. As part of the plan, Air India announced flights to additional international destinations. The route expansion was supported by improving air-worthiness of existing fleet and leasing aircraft from other airlines. On 14 February 2023, Air India announced an order for 470 aircraft consisting of including 250 from Airbus and 220 from Boeing at a cost of US$70 billion, which set the record for the world's largest aircraft order at the time. On 10 August 2023, the airline announced a rebranding exercise named "Vista" with a new livery and logo. On 1 January 2024, Air India announced that it will begin operating its first Airbus A350 aircraft on domestic routes from 22 January 2024 before expanding to international destinations.
  
  As of July 2024, Air India is "consolidating its cargo operations" and plans to start a separate entity or a subsidiary like Air India Cargo to handle cargo operations with dedicated freighters. There has been a 30% increase in cargo revenues of Air India Group in FY22-24. The cargo volume is expected to increase to 2.5 million tonnes by 2027. Air India is also developing a "mother software" to handle cargo data and revenue management. The airline is streamlining its cargo operations for optimisation of cargo handling. The airline has initiated a programme to "onboard, engage and expand with regional, national and global customers".
  
  In September 2024, Air India announced a $400 million refurbishment programme to modernize 67 of its older aircraft. The programme will commence with the overhaul of 27 narrow-body Airbus A320neo planes, followed by 40 wide-body Boeing aircraft.
  
  On 28 June 2017, the Government of India approved the privatisation of Air India and set up a committee to decide the details. In March 2018, the Government issued an Expression of Interest (EOI) to sell a 76% stake in Air India, along with low-cost airline Air India Express, and a 50% stake in AISATS, a ground handling joint venture with Singapore Airport Terminal Services (SATS). According to the EOI, the new owner would have to take on a debt of ₹ 33,392 crore (US$3.9 billion) and a bid would have to be submitted by mid-May as the Government wanted to complete the selling process by the end of 2018. However, no private firms showed any interest to buy a share in the debt-laden airline.
  
  Having failed to sell off a majority stake in the airline, the Government decided to completely exit the airline and invited fresh EOIs on 27 January 2020. In order to attract bidders this time, the government reduced the debt burden on Air India by moving nearly ₹ 30,000 crore (US$3.5 billion) of the company's debts and liabilities to a Special Purpose Vehicle (SPV). In view of the prevailing situation arising out of COVID-19, the last date for submission of interest was extended multiple times and the Government eventually received EOIs from seven parties by December 2020. Five of these parties were disqualified and the Government invited financial bids for Air India from the two qualified parties in September 2021.
  
  In September 2021, Spice Jet 's Ajay Singh -led consortium and Tata Sons submitted their financial bids for Air India. On 8 October 2021, Air India along with its low cost carrier Air India Express and fifty per cent of AISATS, a ground handling company, were sold for ₹ 18,000 crore (US$2.1 billion) to Tata Group. On 27 January 2022, the airline was officially handed over to Tata Group. On 14 February 2022, after its re-privatization, the airline appointed İlker Aycı, former chairman of Turkish Airlines as its new CEO and managing director to take charge on or before 1 April 2022 which did not materialize. In March 2022, Natarajan Chandrasekaran, the chairman of Tata Sons was appointed as the chairman of the airline and in May 2022, Campbell Wilson was announced as the CEO and MD.
  
  After the airline's acquisition, Tata Group began discussion on bringing the other airlines including Vistara and AirAsia India where it held a stake under a unified umbrella. In November 2022, Air India acquired AirAsia 's stake in AirAsia India, renamed it into AIX Connect and announced plans to merge it with Air India Express. On 29 November 2022, Air India announced the merger with Vistara by March 2024 with Singapore Airlines which owns a 49% stake in Vistara getting a 25% stake in the newly formed airline. Vistara brand would be discontinued post the merger and the brand will operate under the Air India name. The National Company Law Tribunal approved the merger between Air India and Vistara on 6 June 2024, followed by Singapore Airlines' FDI approval by the Indian government on 30 August 2024. On 12 November 2024, the merger between Vistara and Air India was completed.
  
  On 15 September 2022, the Tata Group announced Vihaan, a five-year transformation goal aimed at restructuring and transforming Air India in phases. As part of the plan, Air India announced flights to additional international destinations. The route expansion was supported by improving air-worthiness of existing fleet and leasing aircraft from other airlines. On 14 February 2023, Air India announced an order for 470 aircraft consisting of including 250 from Airbus and 220 from Boeing at a cost of US$70 billion, which set the record for the world's largest aircraft order at the time. On 10 August 2023, the airline announced a rebranding exercise named "Vista" with a new livery and logo. On 1 January 2024, Air India announced that it will begin operating its first Airbus A350 aircraft on domestic routes from 22 January 2024 before expanding to international destinations.
  
  As of July 2024, Air India is "consolidating its cargo operations" and plans to start a separate entity or a subsidiary like Air India Cargo to handle cargo operations with dedicated freighters. There has been a 30% increase in cargo revenues of Air India Group in FY22-24. The cargo volume is expected to increase to 2.5 million tonnes by 2027. Air India is also developing a "mother software" to handle cargo data and revenue management. The airline is streamlining its cargo operations for optimisation of cargo handling. The airline has initiated a programme to "onboard, engage and expand with regional, national and global customers".
  
  In September 2024, Air India announced a $400 million refurbishment programme to modernize 67 of its older aircraft. The programme will commence with the overhaul of 27 narrow-body Airbus A320neo planes, followed by 40 wide-body Boeing aircraft.