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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”.
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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.
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