The Indian government has sold the country's ailing national carrier Air India to salt-to-software conglomerate Tata Group for 2.4 billion US dollars. Air India was originally founded by the Tata Group as Tata Airlines in 1932. But it was nationalised by the Indian government in 1953, some six years after the country gained independence from Britain. Moments after the Indian government announced the name of the Tata Group as the successful bidder for the airline, its Chairman Emeritus Ratan Tata tweeted a photograph of the company's founder JRD Tata posing with an Air India aircraft. "Welcome back, Air India,” the 83-year-old industrialist wrote. In a statement that he shared with the tweet, Ratan said: "Air India, under the leadership of Mr JRD Tata, had at one time, gained the reputation of being one of the most prestigious airlines in the world. Tatas will have the opportunity of regaining the image and reputation enjoyed in earlier years." Read: India's Tata Group founder world's 'biggest giver in 100 years' "Mr JRD Tata would have been overjoyed if he was in our midst today. We also need to recognize and thank the government for its recent policy of opening select industries to the private sector," he added. The Indian government had long tried to offload a controlling stake in the airline. But after its initial bid failed to attract buyers, Indian Prime Minister Narendra Modi's government had announced that it would sell its entire stake in the national carrier, reeling under a debt of US dollar 3.2 billion. "The Tatas has emerged as the highest bidder. Tatas won the bid at Indian rupees 18,000 crore," Tuhin Kant Pandey, a top government official, told the local media. Air India has many assets, including prized slots at London's Heathrow airport and a fleet of over 130 aircraft. On the other hand, the Tata Group currently operates Vistara, the country's only other full-service private carrier, in collaboration with Singapore Airlines.

India said Monday it plans to sell its entire stake in the national carrier Air India to shore up falling revenues and privatize the airline, after an initial attempt last year failed to attract a single bidder.