MUMBAI -- Tata Sons' acquisition of troubled national carrier Air India for 180 billion rupees ($2.4 billion) last week is not only expected to face a political storm but could be a daunting task for the group, which has a checkered history in turning around companies.
Sale of the airline, which lost 97 billion rupees in the pandemic-hit fiscal year ended March, is already taking flak from India's opposition parties. Thomas Isaac, former finance minister of the southern state of Kerala, said Narendra Modi's government sold Air India for "peanuts." Subramanian Swamy, a parliament member from the ruling Bharatiya Janata Party and former cabinet minister, said he would try to block the deal in court.
