AZB & Partners and Shardul Amarchand Mangaldas pilot Vistara-Air India merger
The deal amount is valued at Rs.90 billion
AZB & Partners and Shardul Amarchand Mangaldas pilot Vistara-Air India merger
The deal amount is valued at Rs.90 billion
Tata Sons Private Limited and Talace Private Limited (a 100 percent subsidiary of Tata Sons) have announced the merger of Vistara with Air India pursuant to a scheme of arrangement.
The deal amount is valued at Rs.90 billion (approximately US$1 billion).
As part of the arrangement, Singapore Airlines will also be issued additional shares in Air India on a preferential basis, towards an additional infusion of capital into Air India.
Upon completion of the Vistara and Air India merger, Singapore Airlines will hold approximately 25.1 percent of the enlarged Air India for an investment of Rs.2,058.5 crore. The merger is expected to be finalized by 2024.
AZB & Partners advised Tata Sons and Talace in this deal. The transaction team comprised managing partner Zia Mody, partner Divya Mundra and associate Devika Nayak.
Shardul Amarchand Mangaldas & Co acted for Singapore Airlines. The team was led by executive chairman Shardul Shroff, partners Nivedita Tiwari and Devesh Pandey, and senior associate Axay Satagopan.
Partners Amit Singhania and Gouri Puri advised on direct tax aspects. Partner Rajat Bose advised on indirect tax aspects.
Partner VR Neelakantan and counsel Ankita Kumar advised on the aviation law aspects.
Partners Naval Chopra and Rohan Arora, along with principal associate Ritwik Bhattacharya advised on the competition law aspects.
Partners Pooja Ramchandani and Kriti Kaushik, along with associate Harshita Arora undertook the employment law aspects of the diligence.
Partner Aashish Gupta advised on certain litigation aspects of the diligence.