Tatas and Singapore Airlines close to Air India acquisition: Report
Mumbai/IBNS: Singapore Airlines and the Tatas are inching close to acquire the financially-hit national carrier Air India, an Economic Times report said.
The Tatas and the Singapore Airlines have also started to work on the structure of the acquisition which is likely to include the merger of Air Asia India, in which they hold 51 per cent share, and Air India Express, a 100 per cent subsidiary of Air India.
The report said that the Tatas have approached Malaysian entrepreneur Tony Fernandes, who hold 49 per cent stake in Air Asia, to waive the covenant in shareholders' agreement stipulating that Tata's can't invest more than 10 per cent in a budget carrier without Fernandes' nod.
A new agreement is set to be signed soon, the report said and added that the Tata's have proposed to merge Air Asia and AI Express in lieu of Fernandes' waiver.