An Indian company tribunal approved the merger of full-service carrier Vistara with larger rival Air India on Thursday, according to an order dated June 6. This approval brings the Tata group airlines closer to finalizing the deal. Announced in November 2022, the merger will see Vistara, 49% owned by Singapore Airlines (SIAL.SI), being integrated into Air India, giving Singapore Airlines a 25.1% stake in the combined entity.
The National Company Law Tribunal (NCLT) stated, “A sanction is hereby granted to the ‘Composite Scheme of Arrangement’ amongst the petitioner companies and their respective shareholders.” The order specifies that Air India must complete the merger within nine months.
Both Indian and Singaporean antitrust regulators have approved the deal, which is expected to be completed by the end of the year, according to Air India CEO Campbell Wilson.
