The Indian government has launched a formal investigation into Thursday's tragic Air India plane crash, confirmed the country's Civil Aviation Minister Ram Mohan Naidu in a social media post.

According to the latest media reports, a total of 265 dead bodies had already been brought to a local government hospital in Ahmedabad city, where the plane crash had taken place.

Among the dead were 241 people onboard the ill-fated Boeing aircraft, while the rest of the casualties took place on the ground.

The formal probe was initiated by the Aircraft Accident Investigation Bureau, in line with international protocols set by the International Civil Aviation Organization, announced the federal minister.

He added that the Indian government was also constituting a high-level committee comprising experts from multiple disciplines to examine the matter in detail.

"The committee will work to strengthen aviation safety and prevent such incidents in the future," posted the minister on X.

A black box in the rear of the aircraft was found, according to local media reports.

Meanwhile, the country's civil aviation authorities were expected to take a few days before announcing the final death toll in this year's worst-ever tragedy in India, as DNA tests were to be conducted to identify the victims.

Air India posted on its social media that the sole survivor is being treated in a hospital.

The flight had 169 Indian nationals, 53 British nationals, seven Portuguese nationals and one Canadian, apart from two pilots and 10 cabin crew members on board when it crashed at the premises of a medical college.

"We regret to inform that, of the 242 aboard, there are 241 confirmed fatalities. The sole survivor is being treated in a hospital," Air India said in a statement. "The survivor is a British national of Indian origin."

The airline said it offers its deepest condolences to the families of the deceased and was giving full cooperation to the authorities in the investigation of the crash.

The 12-year-old Boeing 787-8 aircraft bearing number AI171 immediately after takeoff went down at an altitude of 825 feet and crashed on the premises of B J Medical College, causing severe damage to the buildings.

A video of the aircraft flying low and struggling to gain altitude shows the plane going down and exploding in a massive ball of fire. Parts of the plane were scattered all around the premises.

According to the Federation of All India Medical Associations Doctors Association, one person was killed, while at least five medical students and four relatives of resident doctors are reported missing, besides 50 others injured at the premises of B J Medical College.

Indian multinational conglomerate -- Tata Group, which owns Air India, said it will give a compensation of 10 million rupees (116,854 U.S. dollars) to the families of each person who was killed in the plane crash.