The merger of Air India and Vistara by March 2024 has been formally announced by Tata Group. Tata Group would own 97.9% of the combined company that consists of AI-Vistara-AI Express-AirAsia India Pvt Ltd (AAIPL) once the merger procedure is complete. SIA has promised a $250 million investment as soon as this integration is complete.
"The merger of Vistara with Air India is a major milestone in our path to establish Air India a truly world-class airline," said N Chandrasekaran, chairman of Tata Sons. With the goal of giving each and every customer a fantastic customer experience, we are reinventing Air India. In order to change, Air India is concentrating on expanding its fleet and network, redesigning its customer offering, and improving on-time performance.
Additionally, SIA has announced that it is willing to finance this expenditure with Singapore $17.5 billion in internal cash resources as of September 30, 2022. Tata and SIA have both agreed to contribute more money to the newly formed alliance's operations in the fiscal years 2022–2023 and 2023–2024.
Goh Choon Phong, CEO of SIA, stated: "Tata Sons is one of the most reputable and well-known names in India. Our joint efforts to establish Vistara in 2013 produced a market-leading full-service carrier that has quickly garnered numerous awards on a worldwide scale. With this combination, we have the chance to strengthen our bond with Tata and actively take part in the aviation market's exciting new growth phase in India.
Currently, Vistara and Air India, which consists of Air India Express and Air Asia India, have a combined fleet size of 218 aircraft, including both widebody and narrowbody aircraft. These airlines now provide service to 52 domestic and 38 overseas locations. Following the merger, Air India will be the only airline in India to provide low-cost
No comments:
Post a Comment