The National Company Law Tribunal (NCLT) on Thursday granted approval to Vistara's merger with Air India.
While the airlines are targeting December end to complete the integration, NCLT has granted them nine months to complete the merger after obtaining rec necessary permissions such as foreign direct investment approval, security clearances and other relevant approvals from civil aviation ministry.
In November 2022, Tata Sons and Singapore Airlines (SIA) announced plans to merge the two airlines.
As part of the merger transaction, SIA shall also invest ₹2,059 crore in Air India. Post the consolidation, SIA shall hold 25.1 per cent shareholding in Air India.
Originally, the parties had planned to complete the transaction by March 2024