So the worst-kept secret in aviation was finally revealed on Wednesday.
Singapore Airlines (SIA) announced that it is getting a 25.1 per cent stake in Air India following the national carrier's merger with Vistara.
SIA essentially gets a 19.4 per cent stake in Air India for giving up its 49 per cent stake in Vistara, and gets another 5.7 per cent in the Indian airline for an additional investment of $360 million. Hence the total stakeholding of 25.1 per cent.
India's Tata Group, which holds 51 per cent of Vistara, will end up with 74.9 per cent of the enlarged Indian carrier. However, SIA's capital injection into the new Air India group could rise by another 50.2 billion rupees (S$843.5 million) if Air India decides to tap both its shareholders for additional funds for restructuring and expansion.
But this amount is payable only after completion of the merger in March 2024, and subject to whether the Indian carrier taps other sources of funds as well.
The exact amount of additional investment by each partner will be calibrated to maintain their 25.1 per cent:74.9 per cent respective stakeholdings.
SIA and Tata together initially invested about $100 million to start up the Vistara venture in 2013. But over the years, the Singapore carrier has put in a further $900 million or so in the Vistara project.
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