November 29 marks the death anniversary of legendary industrialist JRD Tata whose love for flying led to the creation of Air India. Now, the date also marks the merger of Air India with Vistara as Singapore Airlines (SIA) and Tata Sons join hands to create a new aviation major which will strengthen its presence in domestic and international skies.
SIA has agreed to invest Rs 2,058.5 crore (US $250 million) in Air India as part of the transaction, as per a media release issued on November 29.
The merger, which is "aimed to be completed by March 2024", will give SIA a 25.1 per cent stake in an enlarged Air India group with a significant presence in all key market segments, it added.
Commenting on the Air India-Vistara merger, Tata Sons chairman N Chandrasekharan said it is "an important milestone in our journey to make Air India a truly world-class airline".