Air India was founded in 1932 as Tata Airlines by Jamsetji Tata, before being nationalised in 1953. The government merged domestic Indian Airlines with Air India in 2007 — a controversial decision currently being probed by the Central Bureau of Investigation (CBI). Since the merger, the airline has struggled to keep up with cheaper no-frills rivals and has made pre-tax losses for eight years in a row. In March, auditors found the group had understated its operating losses by nearly $1bn between 2012 and 2015. The Press Trust of India reports that the CBI has launched a criminal investigation into alleged irregularities in a 2006 decision authorising Air India to buy 68 Boeing jets for $11bn.

Source: Dhaka Tribune June 27, 2017 11:37 UTC