Latest -Air India, Vistara merger to be completed by year-end, says CEO
According to Vistara CEO Vinod Kannan, the process of transferring the company's 70-aircraft fleet is now ongoing.
Air India, Vistara merger to be completed by year-end, says CEO
The complex integration process of full-service carrier, Vistara into Air India is expected to be achieved within December 2024 as per latest update with probable shifting of the back office employees of the former Vistara before or in the early July, said Vinod Kannan, the CEO, Vistara at ‘CAPA India Aviation Summit 2024 on Wednesday.
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The others which include operational merger, movement of crew and movement of aircraft largely depends on the moment when the approvals are granted; though it depends also with the kind of oversight and feedbacks being received from the regulators. We are still in the process of working on that, but by the end of this year, I believe all these will be accomplished,” added Kannan.
The Indian Competition Commission had okayed the merger plan some time back.
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Kannan states that, as of now, the process of selling Vistara’s 70 aircraft is also ongoing.
Moreover, involved in the merger operation, Singapore Airlines will also infuse USD 300 million or Rs 2,059 crore into Air India and after integration the sing will possess 25%. The conditions of the divestment include at least 1% shareholding in the Air India Group which becomes fully consolidated and expanded. Singapore Airlines itself has a controlling ownership of about 49% in Vistara currently. AirAsia India and Vistara will remain as units, and Air India group will include Air India, Air India Express and AirAsia India.
Air India is at present working on an execution strategy named as ‘Vihaan. AI’ over the five-year period to get accomplish things to do including the new concept in customer satisfaction, better on time services, sustainable growth, profitability and leadership.
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