Vistara is hopeful of meeting the nine-month timeline for completing the merger with Air India as per the National Company Law Tribunal (NCLT) “comfortably”, according to its CEO Vinod Kannan.
On June 6, the NCLT in an order granted its approval for the merger and allowed a period of nine months for the dissolution of the former. Vistara’s flying permit from the Director General Civil Aviation (DGCA) expires in December 2024. A key approval that is pending is regarding the Foreign Direct Investment (FDI) from Singapore Airlines, which was also “on track”, Mr. Kannan informed Vistara employees in a mail.
While the flying crew and a minimum administrative staff will continue to be at Vistara till December, a larger tranche of its employees will be sent on secondment to Air India from July 17. The airline has already started informing employees, barring flying crew like pilots and cabin crew, of their roles in the merged entity since the last week of June.
Tata Sons Pvt. Ltd. will hold 73.38% stake in the merged entity, and Singapore Airlines another 25.1%.
