SINGAPORE AIRLINES AND TATA SONS TO MERGE AIR INDIA, VISTARA
The merger, which is aimed to be completed by March 2024, will give SIA a 25.1% stake in an enlarged Air India group with a significant presence in all key market segments.
Singapore Airlines (SIA) and Tata Sons have agreed to merge Air India and Vistara, with SIA also investing Rs 2,058.5 crore (US $250 million) in Air India as part of the transaction, as per a media release issued on November 29.
The merger, which is “aimed to be completed by March 2024”, will give SIA a 25.1 percent stake in an enlarged Air India group with a significant presence in all key market segments, it added.
AZB & Partners advised TATA Sons in the deal. The AZB & Partners team comprised of Managing Partner Zia Mody, Partner Divya Mundra and Senior Associate Devika Nayak.
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