New Delhi: The Tata Group on Tuesday announced the merger of its airlines, Vistara and Air India by March 2024, ANI reported.
Earlier in the day, Singapore Airlines had made the same announcement.
Tata group owns a 51 percent stake in Vistara, and the remaining 49 percent shareholding is with Singapore Airlines (SIA).
As part of the transaction, SIA will also invest Rs 2,058.5 crore in Air India, PTI reported.
“This would give SIA a 25.1 per cent stake in an enlarged Air India group with a significant presence in all key market segments. SIA and Tata aim to complete the merger by March 2024, subject to regulatory approvals,” SIA said in a release.
With inputs from agencies