Air India journeyed a 306-degree tour as it returned to its founder after almost 9 decades after Tata Group took over it in 2022.
WEB DESK
Singapore Airlines on Tuesday announced the merger of Vistara and Air India by March 2024. Tata group owns a 51 per cent stake in Vistara, and the remaining 49 per cent shareholding is with Singapore Airlines (SIA).
As part of the transaction, SIA will also invest Rs 2,058.5 crore in Air India. “This would give SIA a 25.1 per cent 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.
It will be business as usual during integration process: Vistara CEO
Soon after Tata group announced the merger of Vistara and Air India, Vistara CEO Vinod Kannan on Tuesday said it will be business as usual for all its stakeholders during the integration process, which will take some time.
In a statement, Kannan said that Vistara is a fine manifestation of its parent brands Tata Sons and Singapore Airlines, and “we are delighted that we will continue to be guided by their legacies as we merge with Air India”.
“The integration process will take some time, and during this phase, it will be business as usual for all our stakeholders, including customers.
We will continue to share relevant information with all of them, as appropriate,” he said.
“There is enormous potential for an airline group with the scale and network of the combined entity. We look forward to providing more opportunities for our customers, employees, and partners while putting a spotlight on Indian aviation on the global stage,” Kannan said.
A full-service carrier, Vistara was the country’s second-largest domestic carrier with a market share of 9.2 per cent in October.
Currently, the airline connects 43 domestic and overseas destinations and operates more than 260 flights daily with a fleet of 54 aircraft. It has around 4,700 employees.