National Company Law Tribunal (NCLT) approved the merger of Vistara with Air India on Thursday, according to an order dated June 6, bringing both Tata group airlines a step closer to completing the deal.
The merger, first announced in November 2022, will include Vistara, which is 49% owned by Singapore Airlines being absorbed into Air India, giving Singapore Airlines a 25.1% stake in the merged entity.
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The NCLT order stated that Air India must complete the merger in nine months.
Both India’s and Singapore’s antitrust regulators have cleared the deal.
The merger is expected to be completed by the end of the year, Air India CEO Campbell Wilson said earlier this week.
The Air India group, which also includes low-cost carrier Air India Express and Air Asia India, has ordered a staggering 470 jets from Airbus and Boeing aiming to take on local rivals such as IndiGo and Middle Eastern carriers that dominate outbound traffic from India.
With information from Reuters
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