Tata's are in the aviation business at present with the their TAJ AIR LTD brand part of the TAJ hotels group
They have two Falcon 2000 and a Piaggio 180
But from the relevant news articles it seems that TATA will only be a financial investor and wont take part in the operations of the airline
The only question that remains to be seen is will Ajith Singh approve the entry of a new Low Cost Operator.......
He is already very reluctant in letting IndiGo and GoAir add capacity