Tata Sons, Singapore Airlines to further invest in Vistara

India Infoline News Service | Mumbai | September 22, 2016, 10:49 IST

The aforesaid investment, which will be close to Rs 150 crore, will be made by way of a rights issue as approved by the airline’s board, as per Vistara’s filing to the corporate affairs ministry.

As a harbinger of a major expansion plan for the joint venture airline, Tata Sons and Singapore Airlines have proposed to invest Rs 250 crore in Vistara, as per a Business Standard report.

The aforesaid investment, which will be close to Rs 150 crore, will be made by way of a rights issue as approved by the airline’s board, as per Vistara’s filing to the corporate affairs ministry, said the report.

With fleet growth and network operations currently being under evaluation, the airline is gearing up for international operations. Moreover, the FY17 remuneration of Vistara CEO, Phee Teik Yeoh has also been pumped up to Singapore dollar (SGD) 800,000 (Rs 3.9 crore) from SGD 665,000 (Rs 3.26 crore) in the previous year, the report said.

Tata Sons and Singapore Airlines own 51 per cent and 49 per cent, respectively, in the airline and have infused Rs 750 crore equity into it since its formation in 2013, added the report.
 

Advertisements

  • Get your free IIFL Demat & Trading A/c now...Click here
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.