India-Singapore joint military exercise concludes
The 13th edition of the bilateral military exercise AGNI WARRIOR (XAW-2024) between the Indian Army and Singapore Armed Forces concluded at the Field Firing Ranges in Devlali, Maharashtra, today.
Singapore Airlines is set to make an additional investment of Rs 3,194.5 crore in Tata Group-owned Air India post-merger of Vistara in November.
Singapore Airlines (SIA) Group said its consideration for the merger comprises the 49 per cent interest in Vistara and Rs 20,585 million (Rs 2,058.5 crore) in cash in exchange for a 25.1 per cent equity interest in the enlarged Air India.
Further, post-merger, SIA expects to recognise a non-cash accounting gain of around 1.1 billion Singapore dollars and also start equity accounting for its share of Air India’s financial results.
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The merger includes an agreement for SIA to contribute its share of any funding previously provided by Tata prior to the completion of the merger, together with relevant funding costs up to Rs 5,020 crore that would allow it to maintain a 25.1 per cent stake in Air India.
“SIA’s additional capital injection is expected to be Rs 31,945 million (equivalent to SGD 498 million), based on Tata’s funding to Air India to date. This will occur after the completion of the merger and within November 2024 through subscription to new Air India shares,” the airlines had said.
“Future capital injections will be considered based on Air India’s requirements and available funding options,” it added.
It is to be noted that the merger of Air India and Vistara, announced on November 29, 2022, and set to be completed on November 11, 2024, will result in Singapore Airlines having a 25.1 per cent stake in the enlarged Air India.
Vistara started flying on January 9, 2015, is a joint venture between Tatas and Singapore Airlines, where the latter holds a 49 per cent shareholding.
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