Cyril Amarchand Mangaldas has advised the Government of India on the sale its flag carrier Air India in a 180 billion rupees ($2.4 billion) deal to Talace, a wholly-owned subsidiary of Tata Sons. Air India was represented by Link Legal, while Talace and Tata Sons were counselled by AZB & Partners.

According to Reuters, India's Tata Group regained ownership of the airline after nearly 70 years. The deal includes three entities - full-service carrier Air India, its low-cost arm Air India Express and AI SATS, which provides ground-handling and cargo services.

The deal was completed in the last week of January with the government receiving about $360 million in equity and Tata taking over more than $2 billion of Air India's debt, the finance ministry said in a statement.

Partners Zia Mody, Gautam Saha, Akhilesh Rai Anuja Tiwari, Divya Mundra, Bharat Budholia, Swati Chauhan and Gaurav Bansal led the AZB team.