お知らせ • Nov 13
Air India Limited acquired 49% stake in Tata SIA Airlines Limited from Singapore Airlines Limited (SGX:C6L).
Air India Limited entered into an implementation agreement to acquire 49% stake in Tata SIA Airlines Limited from Singapore Airlines Limited (SGX:C6L) on November 29, 2022. As per the transaction, Singapore Airlines Limited will receive 2,554 fully-paid up equity shares of face value of INR 4 of Air India Limited for every 1,000 fully paid-up equity shares held by Singapore Airlines Limited in Tata SIA Airlines Limited. Post the consolidation, Singapore Airlines Limited (SGX:C6L) shall hold 25.1% shareholding in Air India. Vistara will be known in the name of Air India post completion. The transaction is subject to approvals from various Indian regulatory authorities, including inter alia, the Directorate General of Civil Aviation, the Ministry of Civil Aviation and the Reserve Bank of India, anti-trust and merger control clearances and approvals in India (the Competition Commission of India), Singapore (the Competition and Consumer Commission of Singapore) and other relevant jurisdictions. The transaction is estimated to be completed by March 2024. As of April 19, 2023, India's Tata Group seeks antitrust approval for Air India-Vistara merger. As of September 1, 2023, the Competition Commission of India have approved the transaction. As of March 5, 2024 the Competition and Consumer Commission of Singapore (CCCS) granted its conditional approval to the proposed merger between Air India and Vistara, the latter being a joint venture between Tata and Singapore Airlines. As of May 14, 2024, the transaction is estimated to be completed by end of year 2024. As per the announcement dated September 3, 2024 the transaction is now expected to close on November 12, 2024. The deal is subject to approval of National Company Law Tribunal. As of June 6, 2024 National Company Law Tribunal approved the deal. As of August 30, 2024, Singapore Airlines (SIA) said it has received approval from the Government of India for Foreign Direct Investment (FDI) into the enlarged Air India as part of the proposed merger.
J.P. Morgan Securities Asia Private Limited acted as financial advisor to Singapore Airlines Limited. Zia Mody, Divya Mundra and team of AZB & Partners acted as legal advisors to Tata Sons Private Limited in this transaction. Shardul Shroff, partners Nivedita Tiwari and Devesh Pandey, Amit Singhania, Gouri Puri, Rajat Bose, VR Neelakantan, Naval Chopra and Rohan Arora, Pooja Ramchandani and Kriti Kaushik, Aashish Gupta of Shardul Amarchand Mangaldas & Co acted as financial, tax and legal due diligence provider to Singapore Airlines Limited in this transaction. BofA Securities India Limited acted as financial advisor to Tata sons, parent of Air India Limited. RBSA acted as fairness opinion provider to Air India.
As of November 8, 2024, Air India group announced management changes pursuant to merger with Tata SIA Airlines Limited, Vinod Kannan, Chief Executive Officer of Vistara who has also been holding the role of Chief Integration Officer for the full-service airlines’ merger, will continue in the latter role post-merger. He will be a member of the management committee and report directly to Air India CEO Campbell Wilson. Deepak Rajawat, Chief Commercial Officer of Vistara, will take up the Chief Financial Officer role at newly enlarged Air India Express, reporting to CEO Aloke Singh. Capt. Hamish Maxwell, SVP Flight Operations of Vistara, has assumed an advisory role to Air India Express CEO Mr Aloke Singh, while Capt. Pushpinder Singh, Chief Operations Officer of Air India Express, returns to flying. Deepa Chadha and Vinod Bhatt, SVP HR & Corporate Affairs and Chief Information Officer of Vistara respectively, will take on senior roles at other Tata group companies, while Vistara CFO Niyant Maru will retire at the end of his current term. All other Air India Group CXO roles and reporting lines roles remain unchanged.
Vistara will operate its final flight under its own brand on Monday, November 11, as it prepares to fully integrate with Air India. From November 12, Vistara's operations will be unified with Air India, marking a transition into a single, consolidated service under the Air India banner. Upon completion, Vistara will merge with Air India, consolidating the two carriers under one umbrella.
Air India Limited completed the acquisition of 49% stake in Tata SIA Airlines Limited from Singapore Airlines Limited (SGX:C6L) on November 12, 2024.