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Business News » Companies News

Vistara gets Rs 2,000 cr from Tata Sons, Singapore Airlines

Full service carrier Vistara, which is preparing to fly overseas, has received Rs 2,000 crore from Tata Sons and Singapore Airlines, according to a regulatory filing. 

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Vistara gets Rs 2,000 cr from Tata Sons, Singapore Airlines
Vistara, majority-owned by Tatas, commenced operations more than three years ago and currently has a fleet of 22 planes. Image source: Reuters
Written By: PTI
Updated: Wed, Oct 24, 2018
09:06 pm
PTI
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Full service carrier Vistara, which is preparing to fly overseas, has received Rs 2,000 crore from Tata Sons and Singapore Airlines, according to a regulatory filing. The airline, majority-owned by Tatas, commenced operations more than three years ago and currently has a fleet of 22 planes.

On October 12, the board of Vistara approved allotment of 200 crore equity shares of Rs 10 apiece to Tata Sons Pvt Ltd and Singapore Airlines, a filing with the Corporate Affairs Ministry showed. The allotment of these shares amounts to a fund fusion of Rs 2,000 crore.

As per the filing, the board approved issuance of little over 101.99 crore shares to Tata Sons and 98 crore shares to Singapore Airlines. Vistara did not offer any comments about the fund infusion. Tata Sons holds 51 per cent stake and the remaining 49 per cent is owned by Singapore Airlines in Vistara.

The fund infusion comes at a time when the airline has embarked on ambitious expansion plans, including buying 19 Airbus, Boeing planes worth USD 3.1 billion. While making the announcement about aircraft purchases in July, Vistara had also announced leasing 37 new A320 neo family planes.

Watch this Zee Business video here:

Vistara is looking to fly to international destinations and is awaiting final approvals. The airline posted a loss after taxation of Rs 431.09 crore for the year ended March 31, 2018, according to a filing made by Tata Sons to the ministry.

Vistara started commercial operations on January 9, 2015. It operates around 120 flights every day and flies to 22 destinations.
 
 

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TAGS:
Vistara
RELATED NEWS
COVID-19: Vistara will let passenger book adjacent seat at discount to keep it vacant COVID-19: Vistara will let passenger book adjacent seat at discount to keep it vacant
Vistara to cancel 54 int'l flights next month as COVID-19 weakens demand Vistara to cancel 54 int'l flights next month as COVID-19 weakens demand
Vistara flight ticket offers: Domestic fare starts at Rs 995; book before this date Vistara flight ticket offers: Domestic fare starts at Rs 995; book before this date
Win-win for flyers! Lufthansa-Vistara partnership lands new flights in these cities - Check full list of destinations Win-win for flyers! Lufthansa-Vistara partnership lands new flights in these cities - Check full list of destinations
Travel savvy? Urban Indian? SBI Card-Vistara Premium Credit Card is meant for you only - Check amazing benefits Travel savvy? Urban Indian? SBI Card-Vistara Premium Credit Card is meant for you only - Check amazing benefits

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