Indian full-service startup Vistara has appointed two new non-aviation directors to its board, and tapped its joint venture (JV) parents—Tata Group and Singapore Airlines (SIA)—for an extra INR200 crore ($29 million) in cash.
The new directors include experienced Indian corporate hands Som Mittal and Sangeeta Pendurkar; they have played senior roles in the Indian automotive and F&B sectors, respectively.
Speaking on the latest cash injection, a Vistara spokesperson said the carrier is “sufficiently funded to manage operations in the initial phase,” but is likely to review its strategy “as and when required.”
The fledgling carrier, established to give SIA a toehold in the expanding Indian market, carried its millionth passenger in August, but has been reporting load factors of only around 60%. Currently, Tata Group holds 51% and SIA holds 49% ownership.
09/09/15 Jeremy Torr/Air Transport World
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The new directors include experienced Indian corporate hands Som Mittal and Sangeeta Pendurkar; they have played senior roles in the Indian automotive and F&B sectors, respectively.
Speaking on the latest cash injection, a Vistara spokesperson said the carrier is “sufficiently funded to manage operations in the initial phase,” but is likely to review its strategy “as and when required.”
The fledgling carrier, established to give SIA a toehold in the expanding Indian market, carried its millionth passenger in August, but has been reporting load factors of only around 60%. Currently, Tata Group holds 51% and SIA holds 49% ownership.
09/09/15 Jeremy Torr/Air Transport World
