NEW DELHI, Nov 29: Singapore Airlines on Tuesday said Vistara will be merged with Tata group-owned Air India.
As part of the transaction, SIA will also invest ₹2,058.5 crore in Air India.
“This would give SIA a 25.1% stake in an enlarged Air India group with a significant presence in all key market segments. SIA and Tata aim to complete the merger by March 2024, subject to regulatory approvals,” SIA said in a release.
Singapore Airlines (SIA) in October informed the Singapore Exchange that it was holding discussions with Tata Sons for the merger of Vistara and Air India.
Vistara is a joint venture between Singapore Airlines and Tata Sons in which the former owns 49% stake and the latter 51%.
Since the government’s sale of Air India and its low-cost international arm Air India Express in January this year, Tata Sons has been working to consolidate all their airline businesses into one group, including its joint venture with AirAsia Berhad in AirAsia India.
Earlier this year, the Competition Commission of India approved the proposed acquisition of AirAsia India by Air India. Tata Sons own 83.67% in AirAsia India, and is expected to acquire the remaining stake from AirAsia Berhad. (Agencies)
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