Vistara is a joint venture of Tata Sons Private Limited and Singapore Airlines Limited (SIA), wherein Tata Sons holds 51% stake in partnership and Singapore Airlines owns 49% stake. The company is registered as TATA SIA Airlines Limited.
In 2013, two legendary brands, Tata Sons and Singapore Airlines, decided to fulfil a long-cherished shared dream to bring forth a distinguished flying experience to air travellers in India. With its strong historical ties with aviation, the Tata group had long wished to re-enter the aviation sector, after Tata Airlines was renamed Air India and eventually, nationalised. Both, the Tata group and Singapore Airlines were also firm believers in the growth potential of the Indian aviation sector and hence tried to enter the market in the past; first, in 1994 by setting up a joint venture to start an airline in India and then in 2000, teaming up to purchase stakes in Air India. However, after the lifting of foreign investment restrictions in 2012, the partners once again sought approval for a tie-up, which it obtained in October 2013. On November 5, 2013, Vistara’s holding company, TATA SIA Airlines Limited, was incorporated.
- Looking after overall finance and accounts related work
- Passing JVs during month-end
- Accounting, bill passing and payment processing
- Coordinate with auditors for conducting effective and smooth audits
- Accounting of provisioning for expenses and reversal thereof
- Keep track of related party transaction
- Preparing the MIS report and budget vs actual reporting
- GL Clearing/ Vendor Clearing
- Cost Center/ Fund Center creation
- To handle the reconciliation of different GL accounts
- Preparation of schedules of expenses with reason of variance and other financial reports for management
- Ensure compliance to various financial guidelines and working as per company’s SOP
