Wednesday, Feb 1 2023 | Time 05:33 Hrs(IST)
image
Business Economy


Tata Group to merge Air India & Vistara

Tata Group to merge Air India & Vistara

Mumbai, Nov 29 (UNI)Tata Sons and Singapore Airlines (SIA) on Tuesday said that they will merge Vistara into Air India, The transaction is estimated to be completed by March 2024 subject to regulatory approvals As part of the merger transaction, SIA shall also invest Rs 2,059 crore in Air India. Post mergaer, SIA shall hold 25.1 percent shareholding in Air India and Tata Sons will hold 74.9 percent stake .

Air India shall be India’s leading domestic and international carrier with a combined fleet of 218 aircraft, making it India’s largest international carrier and second largest domestic carrier.

Air India, an airline fully owned by Tata Sons, has been the flag carrier of India. Tata Sons, via its fully owned subsidiary, Talace Private Limited (Talace)”, had acquired 100 percent stake in Air India on January 27, 2022.

Vistara, a 51:49 Joint Venture between Tata Sons and Singapore Airlines Limited (SIA) was established in 2013 and is India’s leading full-service carrier with international operations in Middle East, Asia and Europe.

On this occasion, Mr. N Chandrasekaran, Chairman, Tata Sons said: "The merger of Vistara and Air India is an important milestone in our journey to make Air India a truly world-class airline. We are transforming Air India, with the aim of providing great customer experience, every time, for every customer. As part of the transformation, Air India is focusing on growing both its network and fleet, revamping its customer proposition, enhancing safety, reliability, and on-time performance. We are excited with the opportunity of creating a strong Air India which would offer both full-service and low-cost service across domestic and international routes. We would like to thank Singapore Airlines for their continued partnership.”

Mr. Goh Choon Phong, Chief Executive Officer, Singapore Airlines, said: “Tata Sons is one of the most established and respected names in India. Our collaboration to set up Vistara in 2013 resulted in a market-leading full-service carrier, which has won many global accolades in a short time. With this merger, we have an opportunity to deepen our relationship with Tata and participate directly in an exciting new growth phase in India’s aviation market. We will work together to support Air India’s transformation program, unlock its significant potential, and restore it to its position as a leading airline on the global stage.”

UNI JS GNK

More News

Growth projections to remain undisturbed if oil below $100 a barrel, says CEA

31 Jan 2023 | 9:40 PM

New Delhi, Jan 31 (UNI) Stating that uncertainties in global oil market are tremendous, Chief Economic Adviser (CEA) Dr V. Anantha Nageswaran on Tuesday said that the real GDP growth p[projections would remain undisturbed as long as crude oil prices stay below $100 a barrel.

see more..

Network of leadership and knowledge needed to build a strong social sector : Experts

31 Jan 2023 | 9:39 PM

New Delhi, Jan 31(UNI) Strong leadership plays an important role in driving positive change and creating sustainable impact on communities. Leadership development and upskilling talent in the social sector is crucial for the growth and success of organizations that aim to work towards improving social conditions.

see more..
J&K admin to revive wool sector; Dulloo says need to tap economic potential

J&K admin to revive wool sector; Dulloo says need to tap economic potential

31 Jan 2023 | 9:38 PM

Jammu, Jan 31 (UNI) Jammu and Kashmir Additional Chief Secretary (ACS), Agriculture Production Department, Atal Dulloo on Tuesday said that the UT administration has already approved plans and revolving funds for revival of the sector in J&K.

see more..

Growth projections to remain undisturbed if oil below $100 a barrel, says CEA

31 Jan 2023 | 9:38 PM

New Delhi, Jan 31 (UNI) Stating that uncertainties in global oil market are tremendous, Chief Economic Adviser (CEA) Dr V. Anantha Nageswaran on Tuesday said that the real GDP growth p[projections would remain undisturbed as long as crude oil prices stay below $100 a barrel.

see more..
Jeevansathi com teams up with Jasleen Royal for wedding season

Jeevansathi com teams up with Jasleen Royal for wedding season

31 Jan 2023 | 9:34 PM

New Delhi, Jan 31 (UNI) Matrimony brand Jeevansathi.com, is all set to celebrate the 'Season of Love' in a special way.

see more..
image