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Singapore Airlines will make an additional investment of Rs 3,194.5 crore in Tata Group-owned Air India post-merger of Vistara in November. The merger, announced on November 29, 2022, and set to be completed on November 11, 2024, will result in Singapore Airlines having a 25.1% stake in the enlarged Air India. Full-service carrier Vistara, which started flying on January 9, 2015, is a joint venture between Tatas and Singapore Airlines, where the latter holds a 49% shareholding. Vistara's last flight will take off tomorrow i.e. November 11, 2024. Singapore Airlines (SIA) Group on Friday said its consideration for the merger comprises the 49% interest in Vistara and Rs 20,585 million (Rs 2,058.5 crore) in cash in exchange for a 25.1% equity interest in the enlarged Air India. Post-merger, SIA expects to recognize a non-cash accounting gain of around 1.1 billion Singapore dollars and also start equity accounting for its share of Air India's financial results. According to a release on Friday, the merger includes an agreement for SIA to contribute its share of any funding previously provided by Tata prior to the completion of the merger, together with relevant funding costs up to Rs 5,020 crore that would allow it to maintain a 25.1% stake in Air India. "SIA's additional capital injection is expected to be Rs 31,945 million (equivalent to SGD 498 million), based on Tata's funding to Air India to date. This will occur after the completion of the merger and within November 2024 through subscription to new Air India shares. "Future capital injections will be considered based on Air India's requirements and available funding options," according to the release issued while announcing the airline's financial performance for the six months ended September 2024. The merger of Vistara with Air India will mark a major consolidation in the fast-growing Indian aviation space. SIA said the merged entity will have a significant presence across all key Indian air travel segments, including domestic, international, full-service, and low-cost operations. "This will strengthen SIA's multi-hub strategy, allowing it to continue participating directly in India's large and fast-growing aviation market," it added. Recently, Air India and SIA agreed to significantly expand their codeshare agreement, adding 11 Indian cities and another 40 international destinations to their network.

Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

The central government has reduced <keyword id="20442280" type="General" weightage="20" keywordseo="windfall-tax" source="keywords">windfall tax</keyword> on crude petroleum, according to a government notification. The special additional <keyword id="20253895" type="General" weightage="20" keywordseo="excise-duty" source="keywords">excise duty</keyword> (<keyword id="20211971" type="General" weightage="20" keywordseo="saed" source="keywords">SAED</keyword>) on crude petroleum has been slashed from Rs 9,600 per tonne to Rs 8,400 per tonne. The new <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> will come into immediate effect. The taxes on <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword>, petrol and aviation turbine fuel will continue to remain nil. The government had on April 16 raised the windfall tax on <keyword id="20201860" type="General" weightage="100" keywordseo="petroleum-crude" source="keywords">petroleum crude</keyword> to Rs 9,600 per cent tonne from Rs 6,800. A tax levied on an unforeseen or unexpectedly large profit is called a windfall tax. Meanwhile, bringing a measure of respite to the people, <keyword id="19979741" type="General" weightage="20" keywordseo="oil-marketing-companies" source="keywords">oil marketing companies</keyword> have slashed the prices of <keyword id="21488887" type="General" weightage="20" keywordseo="commercial-LPG-gas-cylinders" source="keywords">commercial LPG gas cylinders</keyword> by Rs 19 per unit with immediate effect. The retail sales price of a 19 kg commercial LPG cylinder would be now Rs 1745.50 in Delhi, sources said. Last month, the price was cut by Rs 30.50 for a 19-kg commercial cylinder at Rs 1764.50. While the precise reasons behind the <keyword id="21488889" type="General" weightage="20" keywordseo="price-decrease" source="keywords">price decrease</keyword> remain undisclosed, various factors, such as changes in <keyword id="21488888" type="General" weightage="20" keywordseo="international-oil-prices" source="keywords">international oil prices</keyword>, shifts in taxation policies, and supply-demand dynamics, likely contribute to such adjustments. Revisions for both commercial and domestic LPG (liquefied petroleum gas) cylinders typically occur on the first day of each month. (ANI)

India slashes windfall tax on crude petroleum

The number of domestic air passengers in India is expected to double to about 300 million annually by 2030 and the country would still have a vast untapped market, Union Civil Aviation Minister <keyword id="19999763" type="General" weightage="100" keywordseo="jyotiraditya-scindia" source="keywords">Jyotiraditya Scindia</keyword> said on Thursday. Speaking at the inaugural session of Wings India 2024, a civil aviation conclave and exhibition here, <keyword id="19905342" type="General" weightage="20" keywordseo="scindia" source="keywords">Scindia</keyword> said India under the leadership of Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> in the last decade, has been a "shining star" on the global firmament of civil aviation. He said the number of airports and waterdromes will go up to over 200 from the existing 149 in the country. With 300 million passengers a year in 2030, India's aviation penetration would be at 10-15% and still be a potential market in the decades to come. "That is the potential that India holds not only to herself and Asia, but to the world. ...even with achieving 300 million domestic passengers by 2030, we will still be one of the most under-penetrated markets across the top 20 in the world. Today our penetration is roughly about 3 to 4% that will grow to about 10 to 15%. We still have 85% penetration to go," he said. He noted that the domestic air passenger traffic witnessed 15% growth (CAGR) while international air passenger traffic was 6.1%, in the last decade. According to Scindia, India today is the third largest domestic civil aviation market in the world and the seventh largest international civil aviation market in the world. If both domestic and international are combined, then India is the fifth largest civil aviation market in the world. In the last 15 years, domestic and international cargo witnessed a growth of 60 and 53% respectively. "Our domestic cargo traffic over the last 15 years has grown by close to 60% and our international cargo traffic, by close to 53%. And it is our considered opinion and that of industry consultants that domestic traffic which was 153 million in the last calendar year, up from 60 million in 2014, will grow to 300 million by 2030," he said. On the fleet size in the country, Scindia said it has grown from 400 to over 700. "Today, India has become the largest purchaser of aircraft in the world after the US and China. Our fleet size is going to grow from 713 to upwards of 2,000 in the next decade." Observing that 74 airports were built in 65 years, he said the government has modernized and built an additional 75 airports, waterdromes and heliports in the last 10 years. "It is our target, that by 2030, we will take that number from 149 to upwards of 200 airports, waterports and heliports in our country," he said. Scindia also marked the occasion by launching the Udan 5.3 scheme. "This regional connectivity scheme has truly transformed the arena and our sector... today under Udan, infrastructure has been built at 76 airports, waterdromes and heliports. Close to 517 new routes have been operationalised that could not have been dreamt of in the past," he said. Union Minister of State for Civil Aviation General (retd) VK Singh and Telangana Roads and Buildings Minister K Venkat Reddy also spoke on the occasion.

Air passenger traffic in India expected to reach 300 million by 2030: Jyotiraditya Scindia

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> and Maldives have signed an agreement to introduce the <keyword id="19998949" type="General" weightage="20" keywordseo="Unified-Payments-Interface" source="keywords">Unified Payments Interface</keyword> in the archipelago nation, which will have a "very positive" impact on its <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, External Affairs Minister S Jaishankar has said. The Memorandum of Understanding was signed on Friday during Jaishankar's three-day official visit to the Maldives. "Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives," he said in a post on X. Developed by the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), Unified Payment Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. Addressing a press conference with his Maldivian counterpart Moosa Zameer after their "productive discussions", Jaishankar said that India, through its UPI, has "revolutionised digital transactions". Stressing that it has taken financial inclusion in India to new levels, he said "Today 40 per cent of the world's real-time digital payments take place in our country." "We see this revolution, every day in our lives. I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives," he said. "I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here. I should mention that it will have a very positive impact on tourism," he added. Tourism is the main source of economic activity for the Maldives, contributing nearly 30 per cent of the GDP and generating more than 60 per cent of foreign exchange. Jaishankar's visit aims to reset the bilateral relationship with the Maldives and is the first high-level trip from India after the archipelago nation's pro-China president, Mohamed Muizzu, assumed office last year. "India's partnership with the Maldives is based on our deep desire to work together for each other's welfare and interests. It is a partnership that has enabled us to always swiftly and effectively respond to challenges, as witnessed in the past," Jaishankar said. "It is a partnership that has enabled us to deliver results and bring tangible benefits to our people in accordance with their wishes, aspirations and priorities," he said. In a post on X, Jaishankar also said, "Jointly inaugurated six High Impact Projects in areas of street lighting, mental health, children speech therapy and special education." "Welcome renewal of MoU between National Centre for Good Governance and Civil Services Commission on (the) training of additional 1,000 civil services officers," he added. Addressing the joint press conference, Maldivian Foreign Minister Zameer said, "India has always been one of our closest friends and a vital development partner." He said the "enduring friendship" was built on a foundation of mutual trust and respect and has continued to flourish over the years. "High-level exchanges between our countries have deepened our dialogue and cooperation in areas of shared interest. We remain dedicated to strengthening and advancing this mutually beneficial partnership," he said. "Minister Dr Jaishankar and I agreed that much more needs to be done to promote trade and investment between the Maldives and India," he said, adding that both sides are committed to establishing "effective mechanisms to enhance economic cooperation, fostering a vibrant and prosperous partnership that will benefit both the nations." Zameer said he conveyed President Muizzu's proposal to begin negotiations on a Free Trade Agreement between the Maldives and India. "This agreement alongside other economic and trade-related agreements will facilitate trade liberalisation and ease the risks of doing business in both our countries," he said. Zameer said that India and Maldives have also mutually agreed to further strengthen their partnership by continuing joint exercises and expanding training opportunities for officers from both countries, asserting that this reflects "our commitment to working together to ensure the security of our nations as well as ensuring the safety and stability of the Indian Ocean region." India's relations with the Maldives suffered a major setback last year when President Muizzu demanded the withdrawal of Indian military personnel manning three aviation platforms in the Maldives. Subsequently, the Indian military personnel were replaced by civilians by May 10, the mutually agreed date. "On regional and multilateral issues of importance, our countries have a common understanding and are united in our efforts to resolve them. We agreed to continue our cooperation on issues ranging from combating terrorism, violent extremism, drugs, human trafficking and to the promotion and protection of human rights," Zameer said. In his press statement, Jaishankar said that India and the Maldives "are not just close neighbours, we are also natural partners." "Today, we are mutually invested in each other's development and progress. In a globalised and interconnected world, we see a lot of volatility and global tensions. Even as the world is recovering from the impact of the COVID pandemic, we have been confronted with new challenges arising from international conflicts," he said. In this tumultuous environment, India has been and will be, an anchor of stability for its friends, partners and neighbours. To the Maldives specifically, India has provided support to deal with economic challenges through financial assistance and budgetary support, and by ensuring an uninterrupted supply of critical items, he noted. India's actions have been and will continue to be guided by its firm commitment to the philosophy of 'Sabka Saath, Sabke Vikas - which is- Together, we prosper', Jaishankar said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/brainbees-solutions-firstcry-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112403576.cms" target="_blank">Brainbees Solutions (Firstcry) IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

India to introduce UPI payment service in Maldives

With the onset of <keyword id="6393318" type="General" weightage="20" keywordseo="wedding-season" source="Orion">wedding season</keyword>, <keyword id="19621691" type="General" weightage="20" keywordseo="sectors-like-jewellery" source="Orion">sectors like jewellery</keyword>, <keyword id="6362766" type="General" weightage="20" keywordseo="apparel" source="Orion">apparel</keyword>, <keyword id="6368036" type="General" weightage="20" keywordseo="hotels" source="Orion">hotels</keyword>, <keyword id="31907" type="General" weightage="20" keywordseo="aviation" source="Orion">aviation</keyword> and other related industries are likely to gain traction. "Next week, we expect some momentum in market to return as investors will take cues from various economic data including GDP numbers for US, China &amp; India," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services. Vinod Nair, Head of Research at Geojit Financial Services, said domestic indices traded within a range throughout the week with a positive bias. The Fed reserve adopted a cautious stance and the muted trend in European and German markets was also echoed in domestic markets. Declining inflation and recent cooling job data in the US, along with easing US bond yields, attracted foreign funds to the emerging market. The broader Indian market experienced some profit booking as investor attention shifted to the primary market, marked by a set of IPOs scheduled for the week. Sectors such as consumer durables and realty took the lead, driven by a strong rebound in festive demand. However, the IT sector showed subdued performance in response to weak global data. Despite the RBI's scrutiny of unsecured lending by NBFCs, the banking index demonstrated resilience this week, he said.

You Searched For "india aviation market" and got 7 results

Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

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India to introduce UPI payment service in Maldives

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