Singapore Airlines Divests Stake In Indian IT Co

Thursday, 11 March 2004, 8:34 am
Press Release: Singapore Airlines

Singapore Airlines Divests Its Stake In Indian IT Company

Singapore Airlines Limited (SIA) has sold its 51% shareholding interest in the Indian IT company, Aviation Software Development Consultancy India Limited (ASDC) to the other shareholder of ASDC, Tata Sons Limited (TSL). The sale was completed today.

ASDC, based in Chennai, India, was set up in 1996. It was established primarily to provide SIA with specialized skills for the development and maintenance of airline-related software applications. In addition, it provides IT services and solutions to other airlines and aviation-related companies.

As ASDC is now well established and SIA is able to secure these resources and services through a service agreement with ASDC, there is no necessity for SIA to retain its shareholding in ASDC.

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