India's national carrier, Air India, has been officially handed over to the Tata Group, which bought the debt-ridden airline in October last year.

The Tatas paid nearly $2.4bn (£1.7bn) after the government made the terms of the debt less onerous for the buyer.

The salt-to-steel conglomerate founded the airline in 1932 before it was taken over by the government in 1953.

The handover brings to an end a years-long attempt to sell Air India, which has racked up losses worth $9.5bn.

The existing board of directors for the airline has resigned, making way for a new board appointed by the Tata Group

It's unclear when Air India will begin flying under the Tata banner.

The airline called the deal a "brand new chapter" in its history. "Two iconic names come together to embark on a voyage of excellence," it wrote on Twitter.

The sale is a boost to Mr Modi who had been keen to sell the government's entire interest in the airline. It's also the biggest disinvestment in government-owned assets and companies since Mr Modi came to power in 2014.

The government has been unable to divest its stake in several loss-making public companies despite its ambitious targets