A day after FIPB cleared the Tata-Singapore Airlines' (SIA) airline venture, Tata group Chairman Emeritus Ratan Tata and SIA chief Goh Choon Phong on Friday met Civil Aviation Minister Ajit Singh exuding confidence of launching flights by May-June next year.
Starting the process of incorporating a new company for its proposed aviation venture with Singapore Airlines, Tata group has sought to register this entity as 'Tata SIA Airlines Limited'.
Singapore Airline along with its Indian JV partner have got clearance from the aviation ministry.
Full-service airline Tata-SIA, submitted its application for the grant of Air Operator's Permit (AOP or flying license) in April.
In their new venture, Tata SIA Airlines Ltd, Tata Sons would hold 51 per cent stake and Singapore Airlines 49 per cent.
As per information available with the Corporate Affairs Ministry, the new company was incorporated on November 5 with a total paid up capital of Rs 500,000 and has been registered in New Delhi.
Making a strong case for approval of their proposed airline JV, Tatas and Singapore Airlines have said that the venture would create significant job opportunities in India and would boost the country's image as an international investment destination.
Tatas and Singapore Airlines have assured the government that control of their proposed airline venture would always remain in Indian hands, while seeking approval to offer passenger services on both domestic and international routes.
Former Civil Aviation Minister and senior NCP leader Praful Patel on Wednesday questioned the "silence" of Singapore Airlines over the horrific crash of an Air India Boeing 787-8 Dreamliner in Ahmedabad last week.
Earlier, the JV company got a go-ahead from the Foreign Investment Promotion Board in October 2013 and was awaiting AOP for launching a full-service carrier.
FIA has filed two separate petitions challenging the approvals granted to Tata-Airasia and Tata-SIA Airlines deals respectively.
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The proposal of Tatas and Singapore Airlines for a new joint venture, entailing foreign investment of $49 million, is likely to come up before the Foreign Investment Promotion Board for approval on October 18.
Singapore Airlines will make an additional investment of Rs 3,194.5 crore in Tata Group-owned Air India post-merger of Vistara in November. The merger, announced on November 29, 2022, and set to be completed on November 11, 2024, will result in Singapore Airlines having a 25.1 per cent stake in the enlarged Air India. Full-service carrier Vistara, which started flying on January 9, 2015, is a joint venture between Tatas and Singapore Airlines, where the latter holds a 49 per cent shareholding.
Tata Sons on Thursday announced the appointment of Campbell Wilson as chief executive officer and managing director of Air India. Wilson is the founding CEO of low-cost airline Scoot.
The exact figure not known yet but advertisements for recruiting employees would hit print this week.
JV will set up a full-service carrier based out of New Delhi.
Singapore Airlines on Wednesday said it is fully cooperating with relevant authorities in the investigation into the London to Singapore flight which encountered severe turbulence, leading to the death of one passenger and injuring 30 others.
With the FIPB giving approval to the Tata-Singapore Airlines joint venture to start a full-service carrier, Tata Group Chairman Emeritus Ratan Tata on Friday met Commerce and Industry Minister Anand Sharma.
Singapore Airlines has given new brand names to two carriers it controls - SilkAir (short-haul) and Scoot (low-cost, long-haul.
Tata Sons and Singapore Airlines (SIA), which recently received a no-objection certificate from the ministry of civil aviation to start a full-service airline (Tata-SIA Airlines), are in the process of securing an import licence for 20 Airbus A320 aircraft.
Several new airlines are likely to fly in the Indian sky in the coming months with the government giving flying licence to four of the six companies, which had sought permits for launching scheduled, private or charter air operations.
The oldest patient at the hospital is 83, while the youngest is a two-year-old child who suffered a concussion.
The airline confirmed that there were injuries onboard, and stated that all "possible assistance" will be provided to the passengers on the aircraft.
The Indian government allowed foreign airlines to buy up to 49 per cent stakes in Indian carriers in September 2012.
Tata-SIA have applied to the Civil Aviation Ministry for a no-objection certificate to start a full-service airline in India.
Singapore Airlines (SIA) is engaged in confidential talks with Tata Sons for merging Vistara with Air India, the flagship carrier of the Republic of Singapore informed the stock exchange in the Southeast Asian nation on Thursday in a first acknowledgement of a possible integration of the two airlines. "In line with its multi-hub strategy, SIA is currently in confidential discussions with the Tatas to explore a potential transaction in relation to the securities of Vistara and Air India. "The discussions seek to deepen the existing partnership between SIA and Tatas and may include a potential integration of Vistara and Air India," SIA said in a notification to the Singapore stock exchange. SIA owns 49 per cent stake in Vistara and is among the four airlines run by Tata Group.
When specifically asked about the reason for the crash and whether Air India is privy to any preliminary findings, Chandrasekaran said, "One would have to wait for the probe to conclude."
Singapore Airlines' deal with Tata Sons (Tata) will inject a further SGD 360 million ($267 million) into Air India. It will give SIA a 25.1 per cent stake in the enlarged Air India group following its takeover by Tata and merger with Vistara Airlines. The November 2022 deal between Singapore Airlines and Tata Sons to further inject $267 million into Air India is one of the key strategic initiatives for future growth mentioned in the quarterly financial report. This agreement is still subject to regulatory approval. SIA in the statement said, "The merged entity will be four to five times larger in scale compared to Vistara, with a strong presence in all key airline segments in India.
However, this was subject to conditions like substantial ownership and effective control of the airline being vested in Indian nationals.
Investigators found that the aircraft, a Boeing 777-300ER, was flying at its cruise altitude of 37,000 ft south of Myanmar and near an area of developing storms in the afternoon when turbulence started to cause fluctuations between +0.44g and +1.57g for 19 seconds.
Singapore Airlines first approached the Tatas, its old choice for a venture in India, and was aware of AirAsia negotiations.
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As per the FIPB agenda, the proposal will be taken up on October 18.
In a significant development, Singapore International Airlines and domestic flag carrier Indian Airlines have joined hands to explore the formation of a joint venture for maintenance, repair and overhauling of aircraft
Besides the major metros, the proposed airline would also connect Srinagar, Patna, Chandigarh and Jammu.
Competition Commission of India (CCI) has issued a show cause notice to the parties with respect to the proposed merger of Tata Group airlines Vistara and Air India, according to a source. The fair trade watchdog issues notice asking why an investigation should not be initiated only after forming a prima-facie opinion that the deal could adversely impact competition in the marketplace. Vistara and Air India are the two full-service carriers that are part of the Tata Group, and Singapore Airlines holds a 49 per cent stake in Vistara.
Tata Sons is all set to acquire a residual stake of 16.33 per cent in AirAsia India from its joint venture (JV) partner AirAsia Berhad for $19 million (or Rs 142 crore) by early next year. The valuation is in accordance with the previous transaction under which AirAsia Berhad had sold its 32.6 per cent stake, said a banking source. Tata Group had increased its stake in AirAsia India at a valuation of $115 million.
Phee Teik Yeoh, who has returned to the SIA HQ in Singapore worked hard to make Vistara the airline of choice. New CEO Leslie Thng would have the job of cutting losses while going international.
Tata Sons has signed a memorandum of understanding with Singapore Airlines to establish a new airline in India.
Singapore Airlines Limited is planning to start a new service to Bangalore in April next, besides capacity augmentation of its flights to Mumbai, Delhi and Kolkata.
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