Singapore Airlines to investment Rs 3,194.5 crore in Air India post-merger of Vistara
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.
The Tata Group today announced the completion of the transaction for the purchase of Air India from the Government of India. The Tata Group takes over management and control of the airline, starting today.
The transaction covers three entities ~ Air India, Air India Express and AI SATS. Air India is India’s flag carrier and premier full-service airline. Air India Express is a low-cost carrier. AI SATS provides a comprehensive suite of ground handling and cargo handling services.
On this occasion, N Chandrasekaran, Chairman, Tata Sons Pvt. Ltd. said, “We are excited to have Air India back in the Tata group, and are committed to making this a world-class airline. I warmly welcome all the employees of Air India, Air India Express and AI SATS to our Group, and look forward to working together.
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We are thankful to the Government of India and its various departments for the successful completion of this important transaction.”
The formal handover today follows the announcement which had earlier been made in October 2021, of the Tata group having been selected by the Government as the new owner of the airline.
The Air India strategic disinvestment transaction has been completed with the Government receiving the consideration of Rs 2,700 crore from the Strategic Partner (M/s Talace Pvt Ltd, a wholly-owned subsidiary of M/s Tata Sons Pvt Ltd), retaining debt of Rs 15,300 crore in Air India and AIXL and transferring shares of Air India (100% shares of Air India and its subsidiary AIXL and 50% shares of AISATS) to the strategic partner.
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