OBS_VALUE: Prior to 2022, Air India was fully State-owned. According to Foreign Exchange Management Rules 2019, foreigners could acquire up to 49% of shares in Air India. Air India and Air India Express have been privatised in January 2022, with 100% of shares of Air India transferred to M/s Talace Pvt. Ltd, a subsidiary of Tata Sons Pvt. Ltd., which is the principal investment holding company of the India-based Tata Group of companies (https://www.tata.com/newsroom/business/air-india). 