Delhi/Mumbai: Tata Sons and Singapore Airlines have proposed to invest Rs 250 crore in Vistara signalling a major expansion plan for the joint venture airline.
The decision to invest an additional Rs 250 crore by way of a rights issue was approved by the airline's board earlier this month, according to Vistara's filing to the corporate affairs ministry.
The investment commitment comes close on the heels of Rs 150 crore equity infusion into the airline. The airline is preparing for international operations and is evaluating fleet growth and network options.
The airline's board has also approved an increase Vistara CEO Phee Teik Yeoh's remuneration to an upper limit of Singapore $800,000 (about Rs 3.9 crore) for FY17 up from Singapore $665,000 (about Rs 3.26 crore) in the previous year. Phee Teik Yeoh is on deputation to Vistara from Singapore Airlines and his remuneration is paid by Singapore Airlines. The amount is reimbursed to Singapore Airlines by Vistara.
A Vistara spokesperson declined comment.
Tata Sons and Singapore Airlines own 51 per cent and 49 per cent respectively in the airline and have so far infused about Rs 750 crore equity into the airline since its formation in 2013. The airline began operations last January.
20/09/16 Arindam Majumder & Aneesh Phadnis/Business Standard
To Read the News in full at Source, Click the Headline
The decision to invest an additional Rs 250 crore by way of a rights issue was approved by the airline's board earlier this month, according to Vistara's filing to the corporate affairs ministry.
The investment commitment comes close on the heels of Rs 150 crore equity infusion into the airline. The airline is preparing for international operations and is evaluating fleet growth and network options.
The airline's board has also approved an increase Vistara CEO Phee Teik Yeoh's remuneration to an upper limit of Singapore $800,000 (about Rs 3.9 crore) for FY17 up from Singapore $665,000 (about Rs 3.26 crore) in the previous year. Phee Teik Yeoh is on deputation to Vistara from Singapore Airlines and his remuneration is paid by Singapore Airlines. The amount is reimbursed to Singapore Airlines by Vistara.
A Vistara spokesperson declined comment.
Tata Sons and Singapore Airlines own 51 per cent and 49 per cent respectively in the airline and have so far infused about Rs 750 crore equity into the airline since its formation in 2013. The airline began operations last January.
20/09/16 Arindam Majumder & Aneesh Phadnis/Business Standard
0 comments:
Post a Comment