Indian Institute of Technology

Guwahati

MnAnalyse
Case Analysis Competition
Team Succession
Mergers & Acquisition Bibek Nat
Dhruv Gohi
Pushpendra Sing
Rudra Patel
 OVERVIEW
Executive Summary & Stakeholders Impact
Strategic Rationales & Synergy Realization
Situation Overview Future Developments &
Customer Experience
Investment Bank Role M&A Cycle
Motivation & Industry DCF & SWOT Analysis
Overview
Vistara Valuation & Conclusion
Comparable Companies
Stakeholder Analysis Appendix & Resources
Risks & Challenges
Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M&A Cycle SWOT Appendix
 EXECUTIVE SUMMARY
Our recommendation and take on the: STRATEGIC HORIZONTAL MERGER
Primary Supporting Rationales

Stronger Competitive Full Service Operation

Cost and Resources

Position Consolidation Optimization

(A stronger airline lets Tata rival IndiGo and global ( ut duplication, gain scale efficiencies,
C ( erged ops: optimi e assets, s are
M z h

giants like Emirates, Qatar) and unify brand across markets.) systems training, cut costs, and boost
&

margins.)

Tata’s Broader Aviation

Global Network
Strategy Expansion
(Dual-brand strategy: full-service for premium, (Air India s long- aul rig ts and istara s premium
’ h h V ’

low-cost for budget travelers.) service speed e pansion into , Europe, and
x US

Middle East markets.)

Customer Experience
Market Demand

Upgrade & Growth Perspective

( se istara s service, punctuality, and modern fleet
U V ’ (India s aviation grew
’ in 15% 2024; premium
to revive Air India s image and boost satisfaction.)
’ rebound and synergies may add . . cr.)
₹3 5–4 5K

Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future evelopments
D CF Analysis
D Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M A Cycle

& S OTW Appendix
 SITUATION OVERVIEW
Vistara’s Credentials
Ownership: A joint venture between Tata Sons (holding a 51% stake) and
Singapore Airlines (holding a 49% stake).

Launch Date: Commenced operations on January 9, 2015.

70 Aircrafts
$173 Million
(FY24)
67% Growth in Capacity
63% growth in departures

(YoY)

Brand Identity: Positioned itself as India's premier full-service carrier, focusing on Fleet Size Revenue Passenger
a premium passenger experience.
Growth
Main Hub: Operated primarily from Indira Gandhi International Airport, New Delhi.

Vistara Operations
Fleet: Flew a modern fleet consisting mainly of Airbus A320neo, Airbus A321neo,
and Boeing 787-9 Dreamliner aircraft.

Pioneering Service: The first airline to introduce a Premium Economy cabin in

the Indian domestic market.

Cabin Classes: Offered a three-class configuration: Business Class, Premium

Economy, and Economy Class, with complimentary meals for all passengers.

Loyalty Program: Ran a popular frequent flyer program called Club Vistara (CV).

Network Size: Served over 50 destinations across India and internationally,

including cities in Europe, Asia, and the Middle East.

Reputation & Awards: Consistently recognized for its excellence, frequently

winning awards like 'Best Airline in India & South Asia' and 'Best Cabin Crew'
from Skytrax.

Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M&A Cycle SWOT Appendix
 Role of Investment Bank

Investment Bank involved: BANK OF AMERICA

Bank of America (BofA) served as the exclusive financial advisor to Air India in its landmark merger with Vistara,

creating a dominant player in Indian aviation. Acting as the buy-side advisor, BofA guided Air India through the

entire M&A process, from early strategic planning to final closing and managing the complexities of the

transaction at every stage.

Key Events by the bank in this merger deal:

Strategic Planning and Due Diligence Valuation and

Target Evaluation Financial Analysis

Regulatory Approvals Negotiation and Deal

and Closing Structuring

Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M &A Cycle WOT
S Appendix
 MOTIVATION
5 Reasons that motivated this merger
The core objective was to consolidate their full-service airline operations. Instead of having two separate
premium airlines (Air India and Vistara) competing against each other for the same slice of the market, the
merger combines their strengths into one, much larger entity. This creates a clear market leader in the full-
service segment in India.

Operational Synergies Unified Brand Strategy International Market

& Cost Savings (Vistara merged into Air India to revive iconic global
name)
Dominance
(Integrated operations, optimized networks, increased (India’s largest overseas carrier to challenge Emirates,
bargaining power) Qatar, Etihad)

Fleet & Talent Singapore Airlines

Optimization Partnership
(Smarter use of 200+ aircraft, unified skilled workforce) (25.1% stake, expertise in efficiency & service)

Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M&A Cycle SWOT Appendix
 2024: INDUSTRY OVERVIEW
India’s airline industry in 2024 is among the world’s
fastest-growing, fueled by rising domestic travel, a
growing middle class, urbanization, and improved
regional connectivity. Intense low-cost carrier
competition, major infrastructure investments, and
record aircraft orders are reshaping its global standing.
Market Share of

61.6% 13.7% 9.5% 5.9% 4.8% 4%

Airlines

Akasa Air
Air India

Spicejet
Air Asia
Vistara
Indigo

Strong Passenger Growth: Jan–May 2024 saw 66.14 million domestic passengers, up 3.97%
from 63.62 million in 2023
Full-Year Outlook: FY2025 domestic traffic is projected to rise 8–10%, reaching 150–155
million passengers
Key Hubs: Delhi (Indira Gandhi International), Mumbai (Chhatrapati Shivaji Maharaj
International), and Bengaluru (Kempegowda International) remain the busiest airports.

Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M&A Cycle SWOT Appendix
 Vistara & Air India Valutation
DCF Analysis (Vistara)
Link to the Excel File for detailed Calculation: https://docs.google.com/spreadsheets/d/1ztSjri0kRFGk4s_JGwmFPwNtWI7wbnpA/edit?usp=sharing&ouid=100754305453544885551&rtpof=true&sd=true
(Vistara DCF)

Projected FCF Assumptions

Enterprise Value & Terminal Value

Historical Data

Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M&A Cycle SWOT Appendix
 Vistara & Air India Valutation
DCF Analysis (Air India)
Link to the Excel File for detailed Calculation: https://docs.google.com/spreadsheets/d/1X7VBPmt44KJWs2Dr5lYFNLQOcDvshvet/edit?usp=sharing&ouid=100754305453544885551&rtpof=true&sd=true
(Air India DCF)

Historical Data
Assumptions

Forecast & Present Value

Valuation
Summary

Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M&A Cycle SWOT Appendix
 Comparable Companies

Indigo Spice et j Akasa Air

Market Share: IndiGo controls 64% of domestic Market Share: Down to 2.4% (May 2025) amid Market Share: Since launching in Aug 2022, Akasa has

market.
 operational and financial struggles.


Route Network & grown to 5.3% (May 2025).


Network: 2,200+ flights, 90+ domestic, 40+ Network: Shrunk to profitable routes; focus on Network: Rapid expansion from metro–Tier 2 routes to

Market Dominance
international; hubs DEL, BOM; expanding to SE Asia, regional UDAN flights with Q400s; mainline jet
international ops via Mumbai hub, focusing on Middle

East and future Navi Mumbai/Noida airports.

Middle East, Europe. presence on key routes sharply reduced.

Cost Structure: Ultra-low CASM via uniform A320/ Cost Structure: High, volatile CASM due to
Cost Structure: Low CASM via new fuel-efficient
Cost Structure & A321neo fleet, high utilization, and quick grounded/mixed fleet, older 737s, and costly wet
737 MAX fleet; CASK ex-fuel down 7% in FY25.


y turnarounds.
 leases.

Pricing: Competitive LCC with strong service focus,
Pricing Strateg Pricing: Heavy discounts to fill seats; limited
Pricing: Low base fares + ancillary revenue;
new aircraft, and 25+ ancillary products to drive

dynamic pricing to undercut rivals or maximize on network and service inconsistency hinder
revenue.

key routes. premium pricing and ancillary revenue.

OTP: IndiGo led major carriers in May 2025 with by disruptions, crew
OTP: Among the lowest, hit
OTP:Key focus, often matching or beating IndiGo,
Operational Efficiency 84% on-time performance, reinforcing its

reliability-focused brand.

issues, and maintenance delays.


boosting brand image.



& Reliability Load Factor: Maintained a strong 85.1%, slightly Load Factor: Strong at84% (May 2025) and 88.1% Load Factor: Industry-leading >87% in FY25,
down with market trends but still key to (Q4 FY25) via aggressive pricing, but at reduced reflecting strong demand and efficient planning.

profitability. yields.

Financials: FY25 profit ₹48 cr (first in 7 years) from Financials: FY25 revenue up 49%, EBITDAR margin
Financials: Q1 FY26 profit ₹2,176.3 cr (down 20%),
falling revenue, other income, and restructuring; up 50%; still burning cash but backed by fresh
Financial Health
cash reserves ₹49,405 cr.


Outlook: Strong finances, ~1,000 aircraft on order,

negative net worth, legal battles persist.
 funding.

Outlook: Focused on survival via fresh capital and O utlook: Strong growth path with cost discipline,
well-positioned for growth and resilience.
reactivating grounded fleet; long-term future reliability, expansion, and large aircraft orders
uncertain.
driving future profitability.

Executive Summary In vestment Bank Industr y verview

O Comparable Companies Risk & Challenges Merger Report Future De velopments DCF Analysis Conclusion

O verview Situation Moti vation Vistara Valuation Stakeholders Impact S ynergy M& A Cycle W
S OT Appendix
 Stakeholders Analysis

Internal Stakeholders External Stakeholders

I mpact of Impact of
Stakeholder Interest In lf uence Merger
Stakeholder Interest In l f uence Merger
Enjoy wider network, Enjoy integrated
Better efficiency, Gains a Passengers High
Tata Group Very high
better service loyalty programs
and global stronger

(Owner) competitiveness. unified brand High influence,

Government & Regulate safety, and
oversee compliance, High
service standards.
Regulators
competition

x z
Ma imi e return Benefits from
Protect market share, Face stronger competition,

Singapore on investment, x
e panded network
Competitors adapt to competitive Medium - High may respond with pricing
High
but must align
Airlines (SIA) protect brand pressure and service changes.

e quity with Tata strategy. Benefit from larger

Suppliers & Long-term contracts,
Medium orders and supply
revenue stability
Face restructuring, Service Providers
Employees
Job security, chain integration.

skill upgrades,
Increased passenger May need to adjust operations
career growth,
Medium
Airports & Ground
(Air India + larger network volumes, better utility of Medium for larger fleet and
work culture
Handlers
Vistara)
x
e posure, and infrastructure consolidated schedules.

integration
redundancy risks.
Investors & Profitability, debt x
E pect efficiency gains, better

High
Financial servicing, growth revenue performance, and

Tasked with Cost control, and

Management Institutions potential long-term value creation

smooth High brand

Coverage will influence public
& Leadership z
harmoni ation.
Media & Public Brand perception,
integration Medium
trust and brand image during
Opinion industry sentiment

transition

Exe cutive Summary In vestment Bank Ind ustry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Sit uation Motivation Vistara Valuation Stakeholders mpact

I Syner gy M&A Cycle S WO T A ppendix
 Risk & Challenges
Entity Risk & Challenges Involved
Tata Group Cultural integration challenges, high capital strain, and potential brand dilution risk
(Majority Owner) alienating loyal customers.
Singapore Thin-margin competition may limit ROI, while strategic misalignment and service issues
Airlines (SIA) could strain the Tata–SIA partnership and brand image.
Employees Role overlaps may cause redundancies, cultural differences could affect morale, and
retraining may be needed for new standards.
Passengers System and schedule changes may disrupt service, reduced competition could raise
fares, and unmet premium expectations may erode loyalty.

Competitors Aggressive Air India expansion may trigger price wars, while rival lobbying could lead to
regulatory constraints.
Government & Need to maintain compliance with safety, competition, and consumer standards, while
Regulatory Bodies avoiding reduced competition on certain routes.
Shareholders & Profitability is vulnerable to fuel, currency, and geopolitical shifts, while missed
Investors integration targets could hurt confidence and valuation.
Suppliers & Partners Consolidation may trigger contract changes, while payment delays or procurement
shifts could disrupt supplier stability.
Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M&A Cycle SWOT Appendix
 Stakeholder’s Impact
Positive Impact Negative Impact
Employees: 30 new HR policies, Employees: Pay cuts, reduced
standardized contracts, digital HR flying hours, resignations, and
tools, VRS for fresh hiring.

 cultural frictions hurt morale.



Passengers: Merged loyalty Passengers: Flight cancellations

program, wider network, 24×7 from pilot unrest.


support, better on-ground service.


Shareholders: SIA profits hit, share
Shareholders: SIA takes 25.1% stake price drop, investor doubts on
with ₹2,059 crore investment. partnership value.

Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M&A Cycle SWOT Appendix
 Post Merger Positioning Report
Merger: Air India + Vistara (Tata Group)

Completion Date: 12 November, 2024

Strategic Positioning Pre-Merger
Air India Vistara Post-Merger Air India
Stakeholders Tata Sons Tata (51%), Tata (74.9%),
(100%) SIA (49%) SIA (25.1%)
Fleet Size 120 Aircrafts 65 Aircrafts 185 Aircrafts

Destinations ~75 ~20 ~95+

Market Share
13.7% 9.5% ~24%
(Domestic)
Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M&A Cycle SWOT Appendix
 Synergy Realisation
Synergy Estimates & One-time Integration Costs (₹ Cr)
Break Even
Category Value Drivers
Contract
Cost Synergy- ₹500 Cr/yr renegotiations,
Baseline redundancy cuts
Cost Synergy-
Vihaan.AI
₹1800 Cr/yr integration
FY27 Target

Cost Synergy-
₹4000-5000 Route, maintenance, Total Cost: ₹2200-2900 Crores
Optimistic Cr/yr procurement scale Break- Even Scenario
Case Cost (₹ Cr) Annual Gain (₹ Cr) Years
Revenue +15–18% Cross-sell, intl. Conservative 2,500 800 ~3.1
Synergy growth routes, premium Likely 2,500 2,500 ~1
(Annually) upsell Optimistic 2,900 5,200 ~0.6

Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M&A Cycle SWOT Appendix
 Synergy Realisation
Realization Plan & Phases (Months)
Targets 6 24
36
Synergy Example Timeline
Plan & Merge systems, Expand premium
(Months) baseline KPIs
Operations
optimize fleet & intl. network

Cross-sell
Revenue network, loyalty 12–24
merge Total Annual Target Impact Cost:
₹ 2550-3200 Cr
Route overlap
Cost removal, joint 6–18
buys Distribution of Key Performance Indicators
(KPIs)
Fleet
Operations harmonization, 12–36
shared IT
Financial Better credit ≤12
terms
Strategic Stronger full- 24–36
service position

Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M&A Cycle SWOT Appendix
 Future Developments & Customer Experience
Merger coordination: DGCA, MoCA,
120,000+ passengers dail
BCAS, international regulators, key
Post-merger: Air India Grou 800+ destinations via 75+ codeshare/
stakeholder
Brand 8,300 weekly flight interline partner
Vihaan.AI program: 500+ new aircraft
Merger prep: Integrated 6,000+ Vistara
Unification 312 routes, 100+ destination
300 aircraft, 30,000+ staf staf
commitmen
$400M retrofit for legacy plane
Strategy Full-service Air India: 5,600
flights, 208 aircraf
Harmonized procedure
Aligned 140+ IT system
600,000 sq ft training center for 2,000
staff dail
Air India Express: 2,700 flights, Consolidated 4,000+ vendor contract
12-bay maintenance base
90 aircraft Migrated 270,000 booking
(operational 2026
Added 4.5M Club Vistara members to
Hired 9,000+ employee
Maharaja Club
Fully modernized IT platform

Nov 12, 2024: Club Vistara

Loyalty Program merges into Air India’s
Vistara co-branded credit cards: Merger nearing completio
Benefits valid until Mar 31, 202 2.7 lakh passenger bookings
Transition (Club Flying Return Annual renewals by Mar 31, 202 migrated to Air India system
1:1 transfer: memberships, Nov 12, 2024: Added perks — 45 lakh loyalty accounts migrate
Vistara -> IDs, point complimentary tickets, upgrade Integration goal: Enhance customer
Validity extended by 1 yea
Maharaja Club) Tier status preserve
voucher experience for Vistara passengers
Tier privileges retained for 1 year across all digital platforms.
Expanded redemption via post-merger

Star Alliance

Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M&A Cycle SWOT Appendix
 Post-Merger
M&A Cycle Integratio
Unified brand
under Air India,
5
loyalty programs
Target Selection & Deal Structurin

merged
Target = Vistara (existing JV with SIA)

Structured as full merger; Vistara brand to be

Fleet, staff, and
service standards
phased out.

z
harmoni ed.

Strategy & Plannin

2
Tata’s Vihaan.AI

plan: consolidate 4 Valuation, Negotiation & Due

airlines → 2 entities Diligenc

Objectives: market SIA invests ₹2,059 Cr for 25.1% stake

4
leadership, in merged entity

synergies, cost Operational, IT, contracts, and

Approvals & Closin
efficiencies workforce integration reviews.
Regulatory clearances: CCI,

DGCA, NCLT, MoCA, CCCS,

3 foreign bodies
1 Definitive agreement signed;

legal closing in Nov 2024.

Executive Summary Investment Bank Industry Overview C omparable Companies Risk & Challenges Me rger Report Future Developments DCF Analysis C onclusion

Overview Situation M otivation Vistara Valuation Stakeholders Impact Synergy M&A Cycle SWOT A ppendix
 DCF Analysis of Merged Entity
Link to the Excel File for detailed Calculation: https://docs.google.com/spreadsheets/d/18GF39QWhjZkwROKTaJe8_ihtHtHGhEcz/edit?usp=sharing&ouid=100754305453544885551&rtpof=true&sd=true (Merged Entity DCF)

Assumptions Standalone Financials Source & Use of Funds

Accretion & Dilution Model Synergy Realization (Rs Million)

Transaction, Assumption, Valuation

Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M&A Cycle SWOT Appendix
 SWOT Analysis of the Air India - Vistara Merger
Strengths Weaknesses
• Support from western countries like USA, • Actual time required to complete all the legal
ENGLAND AND FRANCE. 
proceedings exceeds the expected time. 

• Access to 39 international and 46 domestic

destinations. 
• Delay in receiving order of 840 aircrafts from
• Access to funds from different financial Airbus and Boeing. 

institutions at lower interest rates. 

Opportunities Threats
More aircraft means more reach—IndiGo’s
• To become the largest domestic and 2nd
300-plane order gives it delivery ahead of
largest international carrier. 

Air India, enabling route expansion

• Revival of Air India as a merged entity with

Smaller airlines are ordering planes to
Vistara. 

counter Air India and IndiGo’s dominance.

Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M &A Cycle SWOT Appendix
 Conclusion
Strategic Competitive Goal Dual-Airline
Consolidation The primary objective is to create a
Strategy
powerful entity capable of effectively
The merger unifies Air India and Vistara This move is a cornerstone of Tata's

challenging domestic market leader

into a single, formidable full-service broader aviation strategy, which

IndiGo and major international airlines

airline under the Air India brand, establishes a distinct structure with one

like Emirates and Qatar Airways.

orchestrated by the Tata Group. single low-cost carrier.

Key Partnership Ultimate Aim Long-Term

By retaining Singapore Airlines (SIA) as
The success of the merger hinges on
Advantage
leveraging the combined strengths of

a strategic partner with a 25.1% stake, Consolidation aligns with Tata Group’s

Vistara's service excellence and Air

the new Air India secures significant aviation strategy, improving

India's vast network to achieve

global aviation expertise and financial competitiveness across both full-

significant market synergies, brand

backing. service and low-cost segments.


loyalty, and long-term profitability.

Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M&A Cycle SWOT Appendix
 Appendix & Resources
https://www.aiasl.in/financials.aspx
https://www.esploralegal.com/blog-posts/air-india-vistara-
https://www.airindia.com/in/en/corporate-information.html
merger-navigating-regulatory-hurdles-labour-integration-and-
https://www.tata.com/business/tata-sia-airlines-vistara
strategic-realignment

https://www.airindia.com/in/en/newsroom/press-release/vistara- https://www.ainvest.com/news/singapore-airlines-air-india-
merger-completed-second-airline.html
navigating-cross-border-risks-volatile-aviation-market-2507/

https://www.statista.com/statistics/1396038/vistara-total-revenue/
https://english.mathrubhumi.com/news/india/air-india-vistara-
https://www.tata.com/content/dam/tata/pdf/fy24/Tata-Sons- merger-pilot-retirement-age-dispute-9c49eeb7?
Annual-Report-FY24.pdf
utm_source=chatgpt.com

https://www.civilaviation.gov.in/Publication/financial-reports- https://www.thehindu.com/business/Industry/singapore-
document
airlines-to-invest-additional-3195-crore-in-air-india-post-
https://www.tofler.in/tata-sia-airlines-limited/company/ vistara-merger/article68851898.ece?utm_source=chatgpt.com

U62200HR2013PLC111543#:~:text=Tata%20Sia%20Airlines%20Limited's https://www.thehindu.com/business/Industry/singapore-
%20operating,Sia%20Airlines%20Limited%20is%20%2D%20Amalgam airlines-to-get-25-per-cent-in-air-india-as-part-of-vistara-
ated.
merger-deal-with-tata/article66201406.ece?
https://www.financialexpress.coam/business/airlines-aviation- utm_source=chatgpt.com

explainer-air-india-vistara-merger-changes-flyers-can- https://www.reuters.com/business/aerospace-defense/
expect-3662326/?utm_source=chatgpt.com
singapore-airlines-third-quarter-profit-more-than-
https://www.storyboard18.com/brand-marketing/air-india- doubles-2025-02-20/?utm_source=chatgpt.com

revamps-workforce-lowers-average-cabin-crew-age- https://www.ft.com/content/c6bb891e-a9ac-4e34-
to-29-68336.htm?utm_source=chatgpt.com
b95a-7334a4bd4df9?utm_source=chatgpt.com

Executive Summary Investment Bank Industry Overview Comparable Companies Risk & Challenges Merger Report Future Developments DCF Analysis Conclusion

Overview Situation Motivation Vistara Valuation Stakeholders Impact Synergy M&A Cycle SWOT Appendix