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The merger of Tata SIA Airlines (Vistara) and Air India, as well as the acquisition of certain shareholding by Singapore Airlines in Air India, have been allowed by the Competition Commission of India (CCI), subject to the parties’ compliance with voluntary obligations made by them.
The proposed combination envisages (a) the merger of Tata SIA Airlines Limited (TSAL/Vistara) into Air India Limited (AIL/Air India), with AIL being the surviving entity (Merged Entity) and (b) in consideration of the merger, the acquisition of shares in the Merged Entity by Singapore Airlines Limited (SIA) and Tata Sons Private Limited (TSPL) and (c) acquisition of additional shares in the Merged Entity by SIA pursuant to a preferential allotment, Competition Commission of India said.
According to the CCI, TSPL is a core investment company registered with the Reserve Bank of India and is categorized as a “Systemically Important Non-Deposit Taking Core Investment Company.” On January 27, 2022, TSPL (through Talace Private Limited) finalized the purchase of AIL.
“AIL (including its wholly owned subsidiaries Air India Express Ltd. and AIX Connect Private Limited), is engaged in the business of providing (a) domestic scheduled air passenger transport service, (b) international scheduled air passenger transport service (AIX Connect Private Limited does not provide this service), (c) air cargo transport services; and (d) charter flight services,” CCI said.
According to CCI, TSAL is a joint venture between TSPL and SIA, with each company owning 51% and 49% of the total shares, respectively. “Vistara” is the brand name used by TSAL.
According to the company, TSAL is in the business of offering following services: domestic scheduled air passenger transport, international scheduled air passenger transport, air cargo transport, and domestic and international charter flight services.
It said that “SIA is the parent entity for the SIA group of companies (SIA Group). SIA is engaged in the business of passenger and cargo air transportation, and the principal activities of the SIA Group consist of passenger and cargo air transportation, engineering services, training of pilots, air charters, tour activities, sale of merchandise and related activities.”
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