SIA’s ability to serve Singaporeans not affected by Air India investment: Jeffrey Siow to WP’s Kenneth Tiong

Mr Siow said Mr Tiong is entitled to question whether SIA’s investment would succeed, but has “gone much further” by “leaping without evidence”.

“Members may ask difficult questions, but the claims we make must be grounded in facts, not exaggerated speculation that creates needless public alarm. Singaporeans deserve public debate that examines risks honestly, explains them responsibly, and remains anchored on truth and logic,” he said.

SINGAPORE AIRLINES RESPONDS

SIA said in a statement on Tuesday that Air India’s transformation is a “complex, multi-year programme and is not expected to be linear”.

The airline set up Vistara as a joint venture with Tata Sons in 2013. Following Vistara’s consolidation into Air India in November 2024, SIA holds a 25.1 per cent stake in the enlarged Air India Group.

An SIA spokesperson cited several challenges facing Air India, including the prolonged closure of Pakistani airspace to Indian carriers, the impact of last year’s Air India crash, the depreciation of the Indian rupee against the US dollar, supply chain disruptions, the loss of a key market due to the Middle East conflict and sustained high fuel prices.

“At the same time, Air India has made tangible progress across customer experience and operational performance,” said the spokesperson.

SIA noted that Air India’s net promoter score, which reflects how likely customers are to recommend a brand, has increased by more than 70 points since November 2022. In May, the carrier received a four-star airline rating from review site Skytrax, while Air India Express was certified as a four-star low-cost airline, “on par with leading international carriers”.

“SIA and Tata Sons have both publicly acknowledged that there is still much work to be done,” said the spokesperson. “Both remain committed to supporting Air India’s long-term transformation programme.”  

As at Jun 30, 2026, SIA had S$10.48 billion in cash reserves, comprising S$9.10 billion in cash and bank balances and S$1.38 billion in fixed deposits. SIA also has access to S$3.24 billion in committed, undrawn lines of credit.

“Any requests for additional capital will be evaluated under the group’s disciplined capital allocation framework, taking into account Air India’s business strategy, the SIA Group’s operating cash flow, and our investment requirements for new aircraft and products,” the spokesperson said.