New Delhi: In a major announcement, Singapore Airlines (SIA) and Tata Sons have agreed to merge Air India and Vistara which is aimed to be completed by March 2024.
According to the official statement, “SIA is also investing INR 20,585 million (S$360 million, US$250 million) in Air India as part of the transaction. 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 group have further agreed to further invest in Air India for expansion and growth during the current and upcoming fiscal years.
Goh Choon Phong, Chief Executive Officer, of Singapore Airlines said that “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 programme, unlock its significant potential, and restore it to its position as a leading airline on the global stage.”
Natarajan 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.
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