Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business1 day ago
India's antitrust body has approved the merger of Vistara-owner Tata SIA Airlines with Air India, the regulator said on Friday in a post on social media platform X, while allowing Singapore Airlines to also acquire shares in the newly formed entity.
The Competition Commission of India (CCI) had been scrutinising the deal, announced last November, and had flagged concerns that the merged entity could have a monopoly in the domestic market.
The CCI said its initial review showed the market share of the Tata Group could be more than 50 per cent in at least seven domestic markets, raising competition concerns, sources told Reuters last month.
Air India did not immediately respond to a Reuters request for comment.
Air India's merger with Vistara, a joint venture between Tata and Singapore Airlines, will pose a challenge to local rival and market leader IndiGo.
The proposed combination envisages (a) the merger of Tata SIA Airlines Limited (TSAL/Vistara) into Air India Limited (AIL/Air India), with AIL being the surviving entity (Merged Entity) and (b) in consideration of the merger, the acquisition of shares in the Merged Entity by Singapore Airlines Limited (SIA) and Tata Sons Private Limited (TSPL) and (c) acquisition of additional shares in the Merged Entity by SIA pursuant to a preferential allotment, Competition Commission of India said.
Moreover, CCI mentioned that TSAL is a joint venture between TSPL and SIA, with TSPL and SIA holding 51 per cent and 49 per cent of the total shareholding, respectively. TSAL operates under the brand name “Vistara”.
ALSO READ:
TSAL is engaged in the business of providing the following services: (a) domestic scheduled air passenger transport service, (b) international scheduled air passenger transport service, (c) air cargo transport services; and (d) charter flight services (domestic and international), it added.
The CCI approved the proposed combination subject to compliance with voluntary commitments offered by the parties.
Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business1 day ago
Authorities said the Adani Group chairman and seven other defendants agreed to pay the bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years
business1 day ago
Company strengthening regional presence and service offering
business1 day ago
Sinochem may keep three refineries in China's Shandong province
business2 days ago
Memorandum of understanding aims to enhance cooperation in the construction sector
business2 days ago
Serenia Living’s architecture and interiors have been led by Palma’s expert team
business2 days ago
Company’s backward integration model reaps dividends
business2 days ago
Participating companies announce several cooperation achievements
business2 days ago