As Air India’s privatisation gathers momentum, the national carrier's history may just come a full circle. The carrier's founder, the Tata Group, is believed to have held preliminary and informal talks with senior members of the Narendra Modi government to buy back the airline, or the Maharaja as its often called.

ET Now exclusively learns from sources that Tata Group's top boss N Chandrasekaran himself is leading these informal talks with the government, and evinced an interest to buy up to 51% stake in the carrier.

This is likely to fit very well with the government's inclination to not lose the nationality of Air India. Sources say one of the proposals before the government is to mandate 51% shareholding of the carrier to be Indian.

Sources add that Tata Group may try to rope in its existing joint venture partner Singapore Airlines to buy the balance 49%, that is if the Modi government decides to completely privatise Air India. Currently, the Tatas and Singapore Airlines together run the domestic carrier Vistara.

This is not the first time that the Tata Group and Singapore Airlines are evaluating Air India.

Sixteen years ago, both the Tatas and Singapore Airlines had announced they would bid for 40% of Air India. In a press release issued in 2000, the Tatas has said, "Singapore Airlines is a global player with impeccable credentials ... Its airline operating competency will be a significant asset to the consortium and will be critical in ensuring the success of Air India in the international marketplace."

Then, in 2013, the then Tata Sons chairman Ratan Tata had said he would look at Air India if its put up for disinvestment.

A government source says, "While Air India's mammoth debt of Rs 55,000-60,000 cr is a big worry for the Tata Group, it also realises that Air India could be its ticket to be top of the aviation game."

The new owner of Air India will have a fleet of 118 aircraft; boast of flying the highest number of passengers to and fro from India as data of the Directorate General of Civil Aviation; get access to parking slots in airports round the world like in New York, Chicago and London besides 18 morning departure slots in Mumbai alone. Air India's domestic market share is 14% and nearly 75% of its capacity is used for international flights.

On the flip side, the mounting debt is the precise reason for the government wanting to exit Air India. The Modi government alone has infused nearly Rs 16,000 cr since coming to office, and the central ex chequer is no longer keen to keep the airline afloat.

If Tatas do acquire Air India, it will be 64 years after its nationalisation. JRD Tata had started Tata Airlines in 1932, which was renamed Air India in 1946 and later nationalised in 1953.