').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
'Tatas Evaluating Options To Consolidate AirAsia India, Vistara Under AI'
Topics
Tata group | AirAsia India | Vistara and AirAsia India
The Tata Group has started an exercise to evaluate options to consolidate AirAsia India and Vistara under Air India to bring operational synergies among the three airlines under its umbrella, sources said.
Air India, which the group had taken control of in January after winning the bid to acquire the national carrier for Rs 18,000 crore in October last year, has set up a team under its Director of Operations, R S Sandhu, sources familiar with the development said.
The team will evaluate synergies in operations between Air India Express and AirAsia India as well as between Air India and Vistara, they said.
"Air India CEO and MD Campbell Wilson has set up this team, which will look into synergy between Air India Express and AirAsia India and also between Air India and Vistara and how to achieve the merger," a source said.
The team has been asked to submit its plan within one year, the source added.
It is understood that the plan is to achieve consolidation of AirAsia India into Air India Express over a one year period, while also targeting to bring all of the group's airlines businesses under the Air India umbrella by 2024.
An e-mailed query to Tata Sons seeking comments remained unanswered.
Tata Group took back control of Air India and its low-cost international arm Air India Express from the government in January this year.
Besides, it holds a majority 83.67 per cent stake in domestic budget carrier AirAsia India, which started flying in June 2014, while the remaining 16.33 per cent is with the Malaysian airliners group AirAsia.
The group is looking to acquire the remaining stake in AirAsia India from AirAsia Group.
In Vistara, Tata Sons' holding stands at 51 per cent and the rest 49 per cent is with Singapore Airlines. The full service carrier had started services from January 2015.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
First Published: Wed, September 21 2022. 18:33 IST
RECENT NEWS
JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity
JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more
Private Equity And Banks: The Complex Web Of Leverage
Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more
Financial Watchdog Highlights Unresolved Vulnerabilities In Shadow Banking Sector
The world’s leading financial stability watchdog has issued a warning about the unresolved vulnerabilities within the ... Read more
JPMorgan And Small Caps Lead Market Rally: A Sign Of Economic Optimism
In a week marked by strong financial performance, JPMorgan Chase & Co. reported a 25% rise in profits, and US small-... Read more
Big Banks Vs. Regional Banks: The Battle For Market Share
The financial industry is a competitive landscape where big banks and regional banks vie for market share. Each type of ... Read more
The Evolution Of Philanthropic Advisory Services In Private Banks
The landscape of philanthropic advisory services provided by private banks has undergone a significant transformation. T... Read more