new Delhi: Preparations are on for massive integration in the aviation sector. Under this, Vistara will merge with Air India. After this deal, Singapore Airlines will hold 25.1 per cent stake in Air India. Announcing this on Tuesday, Tata Group said that the proposed transaction is expected to be completed by March 2024, subject to regulatory approvals. The Tata group holds 51 per cent stake in Vistara. The remaining 49 per cent stake is held by Singapore Airlines (SIA).
SIA said in a statement that Vistara and Air India will merge. Under this merger deal, SIA will also invest Rs 2,058.5 crore in Air India. Singapore Airlines said it would finance the investment from internal cash resources.
The Tata group issued a separate statement saying that with this merger, Air India will be the country’s leading domestic and international airline. It will have a fleet of 218 aircraft and will be the country’s largest international airline and second largest domestic airline. SIA and Tata Sons have also agreed to infuse additional capital in FY 2022-23 and FY 2023-24, if required, to accelerate growth and operations.
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Tata Sons Chairman N Chandrasekaran said that the merger of Vistara and Air India will prove to be a milestone in the direction of making Air India a global airline company. He said, “As part of the transformation, Air India is focused on enhancing both its network and fleet, reshaping service offerings to customers, improving performance with safety and reliability.
We are excited by the opportunity to build a stronger Air India. It will offer both full service and low cost service on domestic and international routes. There are four airlines associated with the Tata group. These are… Air India, Air India Express, Air Asia India and Vistara. The Tata group had acquired Air India and Air India Express in January this year.
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