Singapore Airlines (SIA) said on Friday (Aug 30) it has received approval from the Indian government for foreign direct investment, as part of a merger in which Vistara, its 49 per cent-owned joint venture with Tata, will be absorbed into Air India.
Singapore's flagship carrier had announced the plan to merge Vistara and Tata-owned Air India in November 2022, in a bid to create a dominant full-service airline in the domestic and international markets.
"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," SIA said in a statement.
Both Indian and Singaporean antitrust regulators have cleared the deal, which is expected to be completed by the end of 2024.
SIA will hold a 25.1 per cent stake in the combined group after the consolidation.
Source: Reuters/rc
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Singapore's flagship carrier had announced the plan to merge Vistara and Tata-owned Air India in November 2022, in a bid to create a dominant full-service airline in the domestic and international markets.
"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," SIA said in a statement.
Both Indian and Singaporean antitrust regulators have cleared the deal, which is expected to be completed by the end of 2024.
SIA will hold a 25.1 per cent stake in the combined group after the consolidation.
Source: Reuters/rc
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