Singapore Airlines Divests Stake In Indian IT Co
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.