The Competition and Consumer Commission of Singapore (CCCS) has conditionally approved merger of TATA SIA Airlines – Vistara, a joined venture between Singapore Airlines and the Tata Group with Air India, which is also owned by the Tata Group used Telace Pvt Ltd. The approval has been granted following the acceptance of commitments from the involved parties.
The commission has granted conditional approval for merger under certain conditions where Singapore Airlines and the merged Air India – Vistara have been asked to maintain flight capacity on the routes operated by them between both the countries at pre-Covid levels.
The CCCS had received a joint application in November 2020 concerning the merger request between Singapore Airlines and Vistara. Subsequently, concerns were raised regarding the merger’s impact on market competition, particularly on routes between Singapore and New Delhi, Mumbai, Chennai, and Tiruchirapalli.
To address competition concerns, the CCCS has also asked both the parties to appoint an independent auditor to monitor compliance and submit a written annual report for each report year; and submit an interim report which monitors their respective compliance with the committed capacity levels for every three weeks of non-fulfilment in a report year.
Notably, the Tata Group had announced to merge both the full-service carriers – Air India and Vistara to form a single, bigger airline where Singapore Airlines will acquire 25.1 per cent stake and rest will be owned by the Tatas. India’s competition commission approved the merger deal in September 2023.
Commencing from March 31, 2024, IndiGo will operate direct flights between Ahmedabad-Rajkot, Ahmedabad-Aurangabad, Bhopal-Lucknow, and Indore-Varanasi. Additionally, the airline will launch direct flights between Kolkata-Srinagar and Kolkata-Jammu from April 10, 2024, and April 21, 2024, respectively. Moreover, a new connecting flight between Kolkata and Jammu via Srinagar will also be introduced from April 10, 2024.
In a statement, a Singapore Airlines spokesperson welcomed the approval and said the proposed merger is in progress, pending foreign direct investment and other regulatory approvals.The proposed now merger awaits other regulatory and foreign direct investment approvals. According to news report, the Vistara management expects the merger to be completed by mid-2025.
When completed, the merger of Air India and Vistara will result in an enlarged Air India Group comprisiong Air India Express (Merged entity of Air India Express and Air Asia India) with a significant presence in all key Indian airline market segments. This will also bolster Singapore Airlines’ presence in India, strengthen its multi-hub strategy, and allow it to continue participating directly in this large and fast-growing aviation market.
[ad_2]
Source link
In a significant stride towards enhancing urban services and fortifying tourism infrastructure, the Asian Development Bank (ADB) has given the nod to a USD 100 million loan dedicated to the northeastern state of Tripura.
Expressing commitment to supporting Tripura’s governmental priorities, ADB Principal Urban Development Specialist Tomoo Ueda stated, “ADB is committed to supporting the Tripura government’s priorities of improving urban services and tourism infrastructure to help boost economic development.”
Ueda added, “This project will support the state as a gateway to the northeast region by developing tourist destinations along the national highways and by improving urban governance and financial sustainability.”
According to the ADB report, the comprehensive project encompasses the upgrade of urban water supply systems through the installation of 42 kilometres of new transmission and distribution pipes, the establishment of four new water treatment plants, and the enhancement of 55 kilometres of stormwater drains.
Additionally, 21 kilometres of urban roads will be improved with a focus on features catering to the needs of the elderly, women, children, and disabled individuals.
To bolster the delivery of urban services, the initiative aims to build the capacity of twelve urban local bodies in areas such as planning, infrastructure operations and maintenance, financial management, gender equality and social inclusion, and project management.
Furthermore, the state government will receive support in updating building regulations, incorporating spatial planning and green building principles for enhanced climate and disaster resilience.
The project’s tourism-centric facet aims to elevate key destinations like the Chaturdash Devata Temple, Kasaba Kalibari, and Neermahal Palace.
As per the government data, tourism plays a vital role in West Bengal’s economy, contributing around 13 per cent of the state’s GDP. One of the key benefits of this move is the boost it will provide to investment in the tourism sector. Hotels, in particular, will benefit from substantial savings on electricity bills, water supply costs and license fees and taxes.
This involves improving amenities, rooms, and landscaping, and ensuring they are more visitor- and gender-friendly. Additionally, plans include the establishment of a digital museum and a new adventure park.In tandem, a 10-year tourism business plan is set to be developed, guiding marketing, and promotion efforts, and attracting private sector involvement. Simultaneously, Tripura’s tourism policy will undergo an update to align with evolving needs.
As an institution deeply committed to fostering prosperity, inclusivity, resilience, and sustainability across Asia and the Pacific, ADB’s involvement in Tripura underscores its dedication to eradicating extreme poverty.
Established in 1966, ADB boasts ownership by 68 members. It obtains its funding by issuing bonds on the world’s capital markets, contributions from member countries, retained earnings from lending operations, and the repayment of loans.
[ad_2]
Source link
Sri Lanka‘s cabinet approved issuing free tourist visas to visitors from seven countries including China, India and Russia, a statement issued by the media ministry said on October 24, to boost tourism and help revive its crisis-hit economy.
Tourists from China, India, Russia, Japan, Thailand, Indonesia, and Malaysia will be issued free visas till March 31, 2024 under a pilot programme, the statement detailing cabinet decisions said.
The scheme is part of attempts by Sri Lanka to boost tourism recovery and hit a target of five million arrivals by 2026, the statement added.
India and Sri Lanka have launched an international passenger ferry service after almost 40 years. The service, operated by the government-owned Shipping Corporation of India, runs between Nagapattinam in India and Kankesanthurai in Jaffna, northern Sri Lanka. The high-speed craft, Cheriyapani, can carry up to 150 passengers and will make the 60 nautical mile journey in three to four hours.
The Cabinet also proposed to introduce an e-ticketing system for most of the tourist sites in the country in the near future, the ministry said, reported local media. The country of 22 million people, famed for its beaches, ancient temples and aromatic tea, saw its tourism industry pummelled first by the COVID-19 pandemic and then by a severe financial crisis last year that saw mass scale protests and shortages of essentials such as fuel.
But the tourism industry is seeing a turnaround in 2023 with Sri Lanka clocking a million arrivals by September, for the first time since 2019. The island is expecting to close the year at 1.5 million arrivals.
India is the largest source of tourists with 200,310 arrivals, followed by Russia with 132,300, latest data from the Sri Lanka Development Authority showed.
Sri Lanka earned USD 1.3 billion from tourism in the first eight months of 2023, up from USD 33 million dollars during the same period last year, according to the central bank.
[ad_2]
Source link
The Delhi government has approved a scheme for a premium bus service that aims at reducing intracity usage of private vehicles and help reduce pollution, officials said on Monday. The government uploaded the draft of the Delhi Motor Vehicles Licensing of Aggregator (Premium Buses) Scheme, 2023 on its website in August and sought public feedback. The city government hopes to encourage the middle and upper-middle classes to switch to public transport through the scheme.
According to the scheme, a licence holder shall ensure that no premium bus shall be engaged or acquired with a registration date beyond three years from the date of notification of the scheme.
“Subsequently, induction of any new Premium bus, the prevailing emission norms, BS-VI must be compliant, either Air-Conditioned CNG or electric buses. After January 1, 2025 the induction of only electric buses shall be allowed, no CNG-operated bus even if having BS-VI compliance shall be allowed to be inducted under this scheme,” it said.
The scheme mandates that an aggregator shall take measures to ensure the safety and security of women passengers and provide a rapid response mechanism, including a panic button on its mobile and web-based applications that should be functional at all times and have modalities of API-based integration with law enforcement agencies for prompt redressal of complaints.
It permits dynamic pricing provided that the base fare shall not be less than the peak fare of Delhi Transport Corporation (DTC) air-conditioned buses.
In 2020 the Delhi government had set an ambitious target to register five lakh new EVs within five years and achieve 25 per cent of all newly sold vehicles being electric by 2025.
The Road Transport Ministry has revealed plans to enhance vehicle and passenger safety in India through the introduction of new mandates. The proposal includes mandatory bus body certification and the installation of ‘indirect vision’ devices in buses. The Bus Body Code will require certification from government-recognized testing agencies. The ‘indirect vision’ devices, similar to Blind Spot Detection systems, will improve driver visibility and maneuvering.
[ad_2]
Source link