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Singapore Airlines offered stake in Air India-Vistara merger

Air India, Air India Express, AirAsia India offices to meld

16.09.2022 – 04:24 UTC

Tata Sons has embarked on a strategy to consolidate the workspaces of its carriers Air India, Air India Express, and AirAsia India, relocating them to a single common office by March 2023, Air India has outlined in a statement. The flag carrier has also unveiled what it calls a transformation plan that will enable it to increase its domestic market share by over 30% in the next five years.

The flag carrier said the move is “an integral part of its transformation agenda” and comes as owner Tata strives to bring the three carriers’ operations closer together while grappling with their accumulated losses.

According to the plan, by early 2023 there will be an office for the three airlines at the Vatika One on One corporate campus in Gurugram, a city about 25 kilometres southwest of central New Delhi known as a financial and technology hub. Delhi Int’l lies midway between Gurugram and the Indian capital. The fourth carrier in the conglomerate’s stable, Vistara, is currently headquartered in the vicinity,…

Tata Sons to raise $4bn for Air India revamp – report

07.09.2022 – 00:57 UTC

Tata Sons plans to raise USD4 billion in an effort to inject fresh capital into Air India (AI, Mumbai Int’l) and refinance its costly debt, two anonymous sources close to the matter have told the Indian financial daily Mint.

They claimed that the conglomerate aims to drum up the funds by using hybrid financing to help revamp the airline, which it acquired for USD2.4 billion and assumed control of in January.

“Tata Group will soon start the process of hiring investment advisers, although informal discussions with a few foreign lenders and some private equity funds are already underway,” according to one insider.

The second informer added: “The debt refinancing part will be relatively easier as lenders within Tata’s existing banking relationships will step in. The equity component of the transaction may take a bit longer, given that globally the number of private equity funds that invest in airline businesses are relatively few.”

The first claimed: “The fund infusion is crucial for Air India’s operational efficiency to regain market share. The funds will…

Tata Sons likely to write off $326mn in AirAsia India losses

25.08.2022 – 03:45 UTC

Tata Sons will probably have to make arrangements to deal with INR26 billion rupees (USD326 million) in accumulated losses at AirAsia India (I5, Bangalore Int’l), a carrier it is seeking to absorb into another of its subsidiaries Air India (AI, Mumbai Int’l) by merging it with Air India Express (IX, Mumbai Int’l), sources told the Economic Times on August 24.

It was revealed recently that losses at both AirAsia India and a fourth Tata-owned carrier, Vistara (UK, Delhi Int’l), widened for the full year ending March 31, with AirAsia India’s annual loss ballooning 42% to INR21.8 billion (USD273 million) despite rising revenue. An auditor’s report has subsequently cast doubt on AirAsia India as a going concern, saying its net worth has been fully eroded and its liabilities now exceed current assets.

After conglomerate Tata Sons bought a 100% shareholding in Air India in January, in April it asked for antitrust approval to merge the two low-cost carriers. Tata still has an 83.67% stake in AirAsia India, with…

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