Tata Sons Chairman calls on Modi hours before Air India takeover

Ahead of the national airline's takeover by the Tata Group, N Chandrasekaran, the Chairman of Tata Sons called on Prime Minister Narendra Modi in New Delhi today. 

Read more: Ahead of takeover, Tatas gets loan commitment from SBI-led consortium for Air India

The government has notified the agreement between Air India and special purpose vehicle AIAHL for the transfer of non-core assets.  The Tata Group is expected to take full control of the airline, it founded in 1932, on Thursday. 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 sale of Air India Express and ground handling arm AISATS.

Read: 'Your arrival was much awaited': Tata Group officially takes over Air India