ET NOW: As the government’s plans for a stake sale in debt-laden Air India gather momentum, things may be about to come full circle at the national carrier.The Tata Group , which founded the airline 85 years ago and was then forced to relinquish control, has held preliminary and informal talks with senior members of the Narendra Modi government on a possible takeover, according to people with knowledge of the development. Tata Sons chairman N Chandrasekaran is said to be leading the informal talks, with the conglomerate having evinced an interest in buying a stake of as much as 51 per cent in the carrier. That’s likely to fit well with the government's inclination to ensure that an Indian investor has majority control.One of the proposals before the government mandates a majority Indian shareholding. The Tata group may try to rope in Singapore Airlines, its joint venture partner in domestic carrier Vistara, to buy the remaining 49 per cent, if the Modi government decides to fully privatise Air India.Tata Sons, the Tata group’s holding company, declined to comment: “We do not comment on such matters,” a spokesperson said. The Tata group and Singapore Airlines have shown interest in Air India before, having announced a bid for 40 per cent of the carrier in 2000.“Singapore Airlines is a global player with impeccable credentials,” Tata said in a press release at the time. “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 market place.”In 2013, then Tata Sons chairman Ratan Tata had said he would look at Air India if was put up for disinvestment. A government source said Air India’s enormous debt is balanced by its reach and spread.“While Air India's mammoth debt of Rs 55,000-60,000 crore 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 person said.Air India has a fleet of 118 aircraft and flies the highest number of passengers to and from India according to Directorate General of Civil Aviation data. It also has coveted parking slots in airports round the world such as New York, Chicago and London besides 18 morning departure slots in Mumbai alone.Besides, the carrier is also part of the Star Alliance global grouping. Air India’s domestic market share is 14 per cent and nearly 75 per cent of its capacity is used for international flights.On the flip side, the mounting debt is the reason the government wants to exit Air India. The Modi government has infused nearly Rs 16,000 crore since coming to office in 2014 and the central exchequer is no longer keen on keeping the airline afloat with little sign of a revival.If the Tata group does acquire Air India, it will be 64 years after its nationalisation. JRD Tata started Tata Airlines in 1932.