 "Vinod Kannan, Vistara CEO")
The merger between Vistara and Air India is on track and the airline expects to receive all regulatory approvals by April '24, said Vinod Kannan, CEO at Vistara on Monday.
"We (the airline) are on track to receive regulatory approvals from Competition Commission of India (CCI), National Company Law Tribunal (NCLT), among others," Kannan added.
The airline recorded its first ever operating profit in Q3 of FY23. "The airline has sufficient capital cashflow and there is no requirement for further capital injection," he added.
The company said that it plans to expand to destinations such as Bali, and add flights to Europe from Mumbai. "We are consistently operating well on long-haul routes," he added.
In November last year, Tata Sons and Singapore Airlines (SIA) announced the merger of Air India and Vistara to meet up with the growing domestic demand in commerical aviation sector and expand market share.
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The merger is under scrutiny of the Competition Commission of India (CCI).
The CCI had issued a show-cause notice to Air India on its proposed merger with Vistara over concerns about competition in the aviation sector, Business Standard reported in June.
Currently, Tata Sons wholly own Air India, whereas its sister airline Vistara is a 51:49 joint venture between Tata Sons and Singapore Airlines (SIA).
SIA and Tata Sons had stated to the anti-trust body in April that the merger would not change or adversely affect competition in the country.
SIA will invest Rs 2,059 crore in the expanded share capital of Air India for a 25.1 per cent stake whereas Tata Sons would own 74.9 per cent as per deal.
The airline recorded an 8.1 per cent share in June in the domestic aviation market.
