Watson Farley & Williams (“WFW”) advised multiple parties on the historic merger of Tata SIA Airlines Limited (“Vistara”) with Air India, creating a unified full-service airline under the Air India brand. This follows the merger of Air India Group’s low-cost airlines Air India Express and AIX Connect earlier this year.
The combined entity is now the largest international carrier with more than 90 destinations worldwide and the second largest domestic carrier with an estimated 29% market share. The Indian aviation market is the third largest in the world and is one of the fastest growing.
Founded in 1932, Air India is a pioneer of India’s aviation sector and has developed an extensive global network, becoming a major international carrier. The consolidation of the four Tata-owned airlines into one group is part of Air India’s ongoing, five-year transformation program, Vihaan.AI which is focussed on establishing Air India Group as a world-class aviation company.
The WFW London Aviation team that advised Air India and Vistara was led by Partner Randeep Bubbra, supported by Senior Associate Liam Clozier and Associates Sam Jones, Abdulla Zaman and Zsofi Bori. The WFW Singapore Aviation team which advised 11 different lessor and financier groups was led by Partner Richard Williams, supported by Senior Associate Yue Ma, Associates Lyssetta Teo, Shauna Yong, Andy Wilson, Anmol Gill and Milky Wong, and Hong Kong Associate Jessica Ko.
Randeep commented: “We are delighted to have advised on this landmark merger which changes the face of aviation in India leaving only one full-service carrier. As a leader in the aviation market, this transaction highlights the benefits of WFW’s large global asset finance team, allowing us to act for multiple parties on transactions collaboratively to achieve the desired commercial outcomes for all parties”.
Richard added: “This was an incredible opportunity to participate in one of the most significant milestones in Indian aviation. We are grateful to our clients and grateful to the Air India and Vistara teams for their faith in our abilities to help deliver this project. Indian aviation is at an exciting phase and we at WFW are looking forward to this next chapter and are dedicated to contributing our expertise to its continuing success”.
