Singapore Airlines gets India's FDI clearance for Air India-Vistara merger
New Delhi/IBNS: Singapore Airlines (SIA), the flag carrier of Singapore, on Friday (August 30) said it has received approval from the Government of India for foreign direct investment (FDI), as part of a merger in which Vistara, its 49 percent-owned joint venture with Tata, will be absorbed into Air India, reports said.
According to reports, in a bid to create a dominant full-service airline in the domestic and international markets, SIA had announced the plan to merge Vistara and Tata-owned Air India in November 2022.
"The FDI Approval, together with anti-trust and merger control clearances and approvals, as well as other governmental and regulatory approvals received to date, represent a significant development towards the completion of the Proposed Merger," Singapore's flagship carrier said in a statement.
The deal has already been cleared by both Indian and Singaporean antitrust regulators.
SIA will hold a 25.1 percent stake in the combined group after the consolidation, according to reports.
Vistara will merge into Air India on November 12, 2024.
Starting September 3, customers will “progressively no longer be able to make bookings with Vistara for travel on or after November 12, reports Times of India.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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