Tue, 29 Nov 2022 04:46 PM IST
SINGAPORE Airlines announced that it will merge national carrier Air India and full-service airline Vistara by March 2024, SIA said on Tuesday after its board approved the merger. As part of the transaction, SIA will invest $250 million into Air India, Singapore Airlines said, with the pair aiming to complete the merger by March 2024 subject to regulatory approvals.
Goh Choon Phong, Chief Executive Officer, Singapore Airlines, was quoted saying: “Tata Sons is one of the most established and respected names in India. Our collaboration to set up Vistara in 2013 resulted in a market-leading full-service carrier, which has won many global accolades in a short time. With this merger, we have an opportunity to deepen our relationship with Tata and participate directly in an exciting new growth phase in India’s aviation market. We will work together to support Air India’s transformation program, unlock its significant potential, and restore it to its position as a leading airline on the global stage.”
Mr. N Chandrasekaran, Chairman, Tata Sons said, "The merger of Vistara and Air India is an important milestone in our journey to make Air India a truly world-class airline. We are transforming Air India, with the aim of providing great customer experience, every time, for every customer. As part of the transformation, Air India is focusing on growing both its network and fleet, revamping its customer proposition, enhancing safety, reliability, and on-time performance. We are excited with the opportunity of creating a strong Air India which would offer both full-service and low-cost service across domestic and international routes. We would like to thank Singapore Airlines for their continued partnership.”
Currently, Air India (including Air India Express and AirAsia India) and Vistara have a total of 218 aircraft, including both widebody and narrowbody, serving 38 international and 52 domestic destinations. Tata Sons owns 51 per cent of Vistara while SIA owns 49 per cent.