NEW DELHI: Air India is seeking about US$1.5 billion in fresh equity from its owners Tata Sons and Singapore Airlines (SIA), months after the second-largest Indian airline posted a record annual loss, two people familiar with the matter told Reuters.
It would be one of Air India’s largest publicly reported requests for shareholder funding since Tata took control of the former state-owned carrier in 2022. It highlights the challenges facing the airline as it undergoes a multi-billion-dollar revamp, including the refurbishment of its existing fleet.
The carrier and its budget unit Air India Express posted combined losses of US$2.33 billion in the fiscal year ended March, more than double the prior year’s losses. The losses have also weighed on SIA’s profits.
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