India company tribunal clears Air India-Vistara merger

An Indian company tribunal approved the merger of full-service carriers Vistara with larger rival Air India on Thursday, according to an order dated June 6, bringing both Tata group airlines a step closer to completing the deal. The merger, first announced in November 2022, will include Vistara, which is 49% owned by Singapore Airlines, being absorbed into Air India, giving Singapore Airlines a 25.1% stake in the merged entity. "A sanction is hereby granted to the 'Composite Scheme of Arrangement' amongst the petitioner companies and their respective shareholders," the National Company Law Tribunal (NCLT) said in its order. The NCLT order stated that Air India must complete the merger in nine months. Both India's and Singapore's antitrust regulators have cleared the deal. The merger is expected to be completed by the end of the year, Air India CEO Campbell Wilson said earlier this week.<br/>