SIA and Tata aim to complete the merger by March 2024, subject to regulatory approvals.
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.”
As part of the transformation, Air India focuses on growing its network and fleet, revamping its customer proposition, and enhancing safety, reliability, and on-time performance.
SIA also invests INR 2,058 crore into Air India as part of the transaction, giving it a 25.1% stake in the enlarged Air India group.
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.”