Ratan Tata: Will take considerable effort to rebuild Air India

Ratan Tata on Friday welcomed the government accepting Tata Sons' bid of Rs 18,000 crore for the takeover of Air India, saying the airline provides a very strong market opportunity to the group even through it will take considerable effort to rebuild the debt-laden carrier.

"Welcome Back, Air India," he said.

"The Tata Group winning the bid for Air India is great news," he said in a statement. "While admittedly it will take considerable effort to rebuild Air India, it will hopefully provide a very strong market opportunity to the Tata Group's presence in the aviation industry."

The government on Friday announced that an SPV of salt-to-software conglomerate beat a consortium led by SpiceJet promoter Ajay Singh to bag Air India.

This marks the return of Air India to Tatas' folds. Tatas had founded the airline before it was nationalised.

"On an emotional note, Air India, under the leadership of Mr J R D Tata had at one time gained the reputation of being one of the most prestigious airlines in the world," Tata said.

Tatas, he said, will have the opportunity of regaining the image and reputation it enjoyed in earlier years.

"Mr J R D Tata would have been overjoyed if he was in our midst today," he said thanking the government for its opening of select industries to the private sector.